The Globe and Mail reports in its Friday, Feb. 28, edition that Scotia Capital analyst Kornack Gupta has reaffirmed his "sector outperform" recommendation for Exchange Income. The Globe's David Leeder writes that Mr. Gupta lowered his share target to $64 from $65. Analysts on average target the shares at $69.70. Mr. Gupta says in a note: "We maintain our SO rating while tweaking our target to $64 (was $65), despite our improved EBITDA outlook, due to higher-than-expected net debt exiting 2024 and extended capex cycle amid ongoing aircraft delivery delays. Q4 met our expectations as aviation segment came in ahead while manufacturing missed, similar to recent quarters. Management maintained guidance with a positive view on both segments, noting upside risk from potential M&A (including the recently announced Canadian North deal). The company doesn t expect any meaningful impact of potential tariffs on overall business, with tailwinds for certain subsidiaries and headwinds for some others. Valuation remains reasonable at 6.9 times EV/EBITDA on 2025E, roughly in line with long-term average." The Globe reported on Jan. 23, 2024, that Mr. Gupta rated Exchange Income "sector outperform." It was then worth $45.96.