The Globe and Mail reports in its Thursday, July 20, edition that RBC Dominion Securities analyst Walter Spracklin has reaffirmed his "outperform" recommendation for Exchange Income. The Globe's David Leeder writes in the Eye On Equities column that Mr. Spracklin boosted his share target by a loonie to $71. Analysts on average target the shares at $66.77. Mr. Spracklin says in a note: "We flag Exchange Income as attractively valued, in our view, with valuation not reflecting our expectation for mid-teen three-year EBITDA CAGR 2022 to 2025. Our Q2 estimate remains unchanged at $147-million, ahead of consensus $143-million on higher aviation EBITDA. Our 2023 EBITDA estimate also remains unchanged at $568-million, toward the top end of guidance for EBITDA of $540-million to $570-million, and ahead of consensus $559-million. We now value Exchange Income off our 2025 EBITDA estimate of $708-million (cons. $675-million) to fully capture new business wins and discount back one-year at 8 per cent." The Globe reported on June 16 that National Bank Financial analyst Cameron Doerksen was sticking with his "outperform" recommendation and $67 share target for Exchange Income. The shares could then be had for $52.19.