The Globe and Mail reports in its Thursday, Feb. 29, edition that CIBC World Markets analyst Nik Priebe upgraded AGF Management to "outperformer" from "neutral." The Globe's David Leeder writes that Mr. Priebe raised his share target to $11 from $9. Analysts on average target the shares at $9.29. Mr. Priebe says in a note: "We consider AGF to be a deep value name trading below 2x EV/EBITDA with: 1) an asset management business that is outperforming peers; 2) very strong earnings quality; 3) negligible net debt, and; 4) a healthy dividend supported by a comfortable payout ratio. We don't believe there are any valid sources of pushback that could reasonably explain the severity of the valuation discount to peers. We have always been cognizant of the deep value characteristics of the stock but have been unclear on what catalyst could emerge to inspire a positive rerating. In our view, the persistence of a risk-on market environment and reversal in the pattern of asset flows (i.e., a reallocation away from cash products and back into risk assets) could be an important catalyst in 2024." The Globe reported on June 16 that Mr. Priebe had reaffirmed his "neutral" call when the shares could be had for $7.54.