The Globe and Mail reports in its Tuesday, Jan. 23, edition that Scotia Capital analyst Konark Gupta has reaffirmed his "sector outperform" recommendation for Exchange Income. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gupta gave his share target a $2 trim to $60. Analysts on average target the shares at $63.25. Mr. Gupta says in a note: "We continue to like Exchange Income. Shares were down in 2023 and have also underperformed since the market troughed on Oct. 27, 2023. We believe the market at times paints Exchange Income with the same brush as commercial airlines, which is not justified given the company's niche airline subsidiaries likely account for only less than 25 to 30 per cent of EBITDA and are far more resilient than commercial airlines due to their focus on northern communities. ... In addition, we think investors recently got concerned about the year-over-year normalization in Northern Mat's earnings, which could potentially take several quarters to rebound. We are attracted to Exchange Income's highly diversified portfolio of niche businesses, high dividend yield (5.7 per cent) with a low payout ratio, and continued double-digit EBITDA growth."