The Globe and Mail reports in its Thursday, May 8, edition that Scotia Capital analyst Phil Hardie has reaffirmed his "sector perform" recommendation for TMX Group. The Globe's David Leeder writes that Mr. Hardie tweaked his share target ahead by a loonie to $57. Analysts on average target the shares at $55.63. Mr. Hardie says in a note: "Following a strong run and the stock trading at a relative premium to its closest peer, we think the bar was set high heading into the release of TMX's first quarter results. The quarter was characterized by strong EPS growth driven by a robust top line, with strong growth trends echoing momentum seen through much of 2024. That said, with valuation levels likely leaving limited room for error, we think the higher-than-expected expense growth curbed some near-term investor enthusiasm. We think the bulk of the unexpected rise in expenses was transitory in nature but expect investors to take a 'wait and see' approach." The Globe reported on Feb. 8, 2023, April 12, 2023, and June 16, 2023, that Mr. Hardie continued to rate TMX "sector perform." It was then worth $26.67, $27.69 and $29.53. The Globe reported on May 1, 2025, that TD Cowen rated TMX "hold." It was then worth $55.87.