The Globe and Mail reports in its Wednesday edition that TD analyst Graham Ryding has lowered his recommendation for Sprott to "hold" from "buy" citing valuation concerns after the stock's 71-per-cent rally this year. The Globe's Darcy Keith writes that Mr. Graham says fundamentals are looking strong for Sprott, but also appear to be priced into the stock already. Mr. Ryding says in a note: "Assets under management growth has been material and our earnings outlook has increased as a result. That said, valuation has also moved higher. Current valuation is a premium relative to Sprott's own history, and alternative asset manager comparables, suggesting to us that valuation upside may be limited." Mr. Ryding says the current share price implies a price to earnings of 29.7 times based on fiscal fourth quarter estimates, well above the five-year average of 23 times and the U.S. alternative asset managers' average of 25.5. The Globe reported on Jan. 21 that Canaccord had started coverage on Sprott with a "buy" ranking. The shares could then be had for $61.14. The Globe reported on March 7 that BMO Capital analyst Etienne Ricard had commenced coverage on Sprott with an "outperform" recommendation. It was then worth $64.07.