EQB Inc. (EQB.TO) was downgraded to Market Perform from Outperform at Raymond James on Thursday.

Analyst Stephen Boland lowered his price target on shares of the Canadian digital financial services company to $93 from $108 following its Q3 results released after market close on Wednesday.

Boland said the results were weaker than expected.

"The key surprise was a 25bp sequential decline in NIM, paired with another period of elevated PCLs," the analyst said in a note to clients.

"Overall, 2025 ROE guidance was reduced with a medium-term ROE target of 15%-17% reiterated," Boland said. "We believe with these financial results, it will take time to rebuild back to those levels."

"We do take comfort with the new CEO's (previously CFO) track record of extend periods and consistent results within targeted ranges," the analyst said. "Nevertheless, balance sheet repositioning will be required, and progress may be gradual."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)