The Globe and Mail reports in its Thursday, Oct. 30, edition that TD Cowen analyst Graham Ryding has elevated his recommendation for TMX Group to "buy" from "hold." The Globe's David Leeder writes in the Eye On Equities column that Mr. Ryding gave his share target a $2 boost to $60. Analysts on average target the shares at $62.50. Mr. Ryding says in a note: "We believe TMX will be able to defend its position from potential AI competition and concerns around equity tokenization. On the tokenization of equities theme, management is asking the following questions: 1) is tokenization a solution looking for a problem?; 2) what are the benefits to the retail audience?; and 3) how does the industry ensure equity tokenization maintains a level-playing field (avoid regulatory arbitrage)? This theme has the attention of management, the board and Canadian regulators. TMX Group has pilot projects underway on the trading, custody and clearing side of its business. While the implications are highly fluid, the merits of tokenizing equities are not abundantly clear, in our view. In our preview note, we estimate that a manageable 5 per cent of TMX's revenue could potentially be at risk over the medium term."