The Globe and Mail reports in its Thursday edition that CIBC World Markets analyst Kevin Chiang has trimmed his rating on Exchange Income ($18.89 (Canadian)) to "sector performer" from "sector outperformer." The Globe's Jody White and Darcy Keith write in the Eye On Equities column that the downgrade was issued after Exchange Income shares rallied Tuesday in reaction to news that the company sold its United States WesTower unit for $200-million (U.S.). Mr. Chiang says the stock's gains have cut future expected returns. He has a price target of $22 (Canadian). Analysts on average target the shares at $25.07 (U.S.). Mr. Chiang kept his rating at "outperform" in the Eye column on Oct. 9, 2013. The shares were then worth $19.08 (Canadian). Canaccord Genuity analyst Chris Bowes maintained his "buy" rating on Exchange Income in the Eye column on March 5, 2014. The shares were then worth $20.61 (Canadian). ScotiaMcLeod's Newman Group manager Greg Newman recommended buying Exchange Income in the Eye column on June 11, 2014. The shares could then be had for $21.03 (Canadian). The Globe reported on Aug. 7, 2014, that Veritas Investment was bearish on Exchange Income when it was worth $18.44 (Canadian).