The Globe and Mail reports in its Tuesday, March 10, edition that Scotia Capital analyst Konark Gupta has reaffirmed his "sector outperform" recommendation for Exchange Income. The Globe's David Leeder writes that Mr. Gupta gave his share target an $8 boost to $129. Analysts on average target the shares at $120.64. Mr. Gupta says in a note: "We argue that it's high time to use SOTP [sum-of-the-parts] rather than historical trading multiples given Exchange Income's portfolio has significantly diversified away from purely a small regional scheduled passenger airline that laid the foundation of the business in 2004. We note that the stock continues to fall under 'Passenger Airlines' GICS, which is not a true representation of the current business. Today, Exchange Income generates 45 per cent of revenue and likely 40 per cent of EBITDA, in our estimation, from essential air services, which are quite distinct from commercial passenger airlines in terms of resilience and margins. Furthermore, the company is increasingly gaining exposure to secular infrastructure and defence themes (higher multiple) through various subsidiaries that it acquired over the past decade or so, which likely account for 40 per cent of EBITDA."