The Globe and Mail reports in its Thursday, June 1, edition that RBC Dominion Securities analyst Paul Treiber has reaffirmed his "outperform" recommendation for Constellation Software. The Globe's David Leeder writes that Mr. Treiber bumped his share target ahead by $100 to $3,200. Analysts on average target the shares at $3,072.10. Mr. Treiber says the company's move to spin out sub-operating groups sets it up to "replicate its past successes for the next five to 10 years in spite of having grown significantly." Mr. Treiber says in a note: "Spin outs improve the sustainability of Constellation's ability to deploy capital at high rates. ... We believe that Constellation could spin out one to two suboperating groups per annum. Shareholders that retain ownership of the spin-outs may see higher returns and lower portfolio volatility, given: 1) spin-outs are likely to compound capital faster than Constellation; 2) spin-outs may trade at a valuation premium to Constellation; and 3) the spin-outs listed on the TSX Venture Exchange may have lower correlation with the broader markets (i.e. beta). If shareholders sell the spin-outs, one to two spin-outs would equate to a 1- to 2-per-cent dividend-in-kind per annum."