The Globe and Mail reports in its Thursday edition that TD analyst Tim James has reiterated his "buy" call for Exchange Income. The Globe's David Leeder writes that Mr. James hiked his share target to $65 from $64. Analysts on average target the shares at $66.50. Mr. James says in a note: "The reduction is due to higher valuation-period net debt and shares outstanding, partially offset by higher valuation-period forecast EBITDA. The increase to net debt and shares outstanding reflects the financing of the DryAir Manufacturing acquisition. The bias lower to our 2023 EBITDA and EPS forecasts primarily reflects updated currency, fuel, economic, and other minor assumptions, partially offset by one-quarter of contribution from DryAir Manufacturing. Our 2024 EBITDA forecast is higher primarily due to DryAir Manufacturing, while higher interest and shares outstanding negatively impact EPS. We believe Exchange's business diversification positions it better than less-diversified peers to navigate economic conditions and that it represents a good investment for yield-focused investors based on its forecast FCF and management's track record of maintaining a disciplined approach to investments at accretive valuations."