The Globe and Mail reports in its Tuesday, Feb. 4, edition that TD Cowen analyst Graham Ryding continues to rate TMX Group "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Ryding bumped his share target up by $4 to $49. Analysts on average target the shares at $52.25. While seeing TMX Group's fundamentals improving after "strong" fourth quarter results that capped a "solid" 2024, Mr. Ryding thinks that optimism is already priced into its shares. He says in a note: "We have increased our estimates, primarily reflecting a more constructive top line forecast (all product lines). Our multiple is also moving higher to reflect the business momentum and improving balance sheet (TMX looks positioned to execute on further acquisitions in 2025). ... TMX's diversified business model and strong competitive positioning have defensive merits, in our view. We believe that the addition of VettaFi improves the growth profile. We are comfortable with the higher debt as we see a path to deleveraging through 2025. Valuation appears fair, to full, in our view." The Globe reported on Jan. 23 that Mr. Ryding had reaffirmed his "hold" call for TMX Group. The shares were then going for $45.76.