The Globe and Mail reports in its Friday edition that Scotia Capital analyst Konark Gupta is keeping his "sector outperform" ranking for Exchange Income intact. The Globe's David Leeder writes that Mr. Gupta tweaked his share target ahead by a loonie to $66. Analysts on average target the shares at $65.32. Mr. Gupta says in a note: "EIF delivered a strong quarter that was better than feared, driven mostly by an aviation segment beat. More importantly, management raised 2023 EBITDA guidance for the second time and confirmed our view that EBITDA is on track to exceed $600-million in 2024, even before future M&A or contract wins. We believe this is a perfect backdrop for a dividend raise in the near term, given the payout ratio remains within the 50- to 60-per-cent range. In addition, we continue to see a strong potential for more M&A and contract wins, supported by access to $1-billion-plus liquidity, no debt maturity until 2025 and improving leverage ratio. We have slightly raised our EBITDA outlook, partially offset by a higher-than-expected Q1 net debt, resulting in a $1 increase in our target to $66. ... [Exchange Income is] trading at an inexpensive 6.5 times EV/EBITDA multiple on our 2024 estimate."