TD Cowen downgrades Canada's Rogers Sugar to 'hold' on valuation

TD Cowen downgrades Canadian sugar and maple products maker Rogers Sugar RSI.TO to "hold" from "buy"; reiterates PT at $7

Brokerage sees RSI having solid business fundamentals, but says growth is slowing temporarily

Says the stock looks fairly priced after a big run

TD Cowen says that while domestic sugar demand remains healthy and there's a modest expansion in margins, U.S. exports are declining on tariff and trade uncertainity

Brokerage also said the Montreal refinery expansion is being delayed by 6 months, pushing benefits into FY28

1 of 5 brokerages rate stock "buy" or higher, 4 "hold"; their median PT is $7 - data compiled by LSEG

As of last close, RSI stock up ~10.1% YTD