The Globe and Mail reports in its Thursday, Dec. 11, edition that RBC Dominion Securities analyst James McGarragle is sticking with "outperform" call and $94 share target for Exchange Income. The Globe's David Leeder writes in the Eye On Equities column that Mr. McGarragle says in a note: "Exposure to long-term secular trends not well appreciated. We see Exchange Income as exposed to meaningful long-term secular tailwinds across its subsidiary companies. The company's exposure to defence and arctic sovereignty investment via PAL as well as Canadian North represent significant longer-term opportunities, which are to a degree reflected in valuation in our view. However, we do not believe Exchange Income gets credit for its significant exposure to infrastructure and housing investment, both of which were key items in the recent Canadian budget. We believe Northern Mat and the Windows segment are very well positioned to benefit here and believe this represents attractive upside optionality at current valuation." The Globe reported on Oct. 10 that Mr. McGarragle continued to rate Exchange Income "outperform." The shares could then be had for $75.83.