The Globe and Mail reports in its Thursday edition that RBC Capital Markets analyst Geoffrey Kwan has reiterated his "outperform" recommendation for EQB. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwan boosted his share target by $3 to $100. Analysts on average target the shares at $96. The Globe says Mr. Kwan sees EQB's purchase of a 75-per-cent interest in ACM Advisors, a B.C.-based alternative asset manager with $4.8-billion in assets, as a "lower-risk diversification of the business." Mr. Kwan says in a note: "We think the acquisition represents a logical next step in EQB's evolution into a more diversified bank. Although operating in asset management is new for EQB, it is directionally lower risk given ACM manages assets that EQB is very familiar with (commercial mortgages) given EQB has provided financing to commercial borrowers for more than 50 years and has a commercial loan portfolio of $28-billion (70 per cent relating to multi-unit residential housing). Furthermore, it diversifies EQB's earnings by providing greater fee non-interest income." The Globe reported on May 4 that Mr. Kwan was keeping his "outperform" call on EQB intact. The shares could then be had for $61.41.