The Globe and Mail reports in its Thursday, Jan. 23, edition that TD Cowen analyst Graham Ryding has reaffirmed his "hold" call for TMX Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ryding boosted his share target by a loonie to $45. Analysts on average target the shares at $48.25. Mr. Ryding raised his fourth quarter 2024 estimates for TMX Group to reflect improving trading and financial activity and his forecast through 2026 in response to an updated foreign exchange outlook. Mr. Ryding says in a note: "Trading stats indicate very strong volumes for equity and derivatives trading in Q4/24. Capital formation activity was softer than expected for Q4/24, and 2024 was the third consecutive year for a year-over-year decline in financing by value. We are modeling for an improvement in financing activity in 2025. Our Q4/24 EPS forecast of 43 cents (up from 42 cents) is in line with consensus. ... Our revenue forecast of $375-million implies 6-per-cent growth quarter-over-quarter and 13 per cent year-over-year organic (consensus is $371-million). Growth is being driven from equity/FI trading, GSIA (market data), and derivatives (capital formation is expected to be flat year-over-year)."