The Globe and Mail reports in its Friday, Nov. 14, edition that National Bank Financial analyst Giuliano Thornhill continues to rate Extendicare "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Thornhill gave his share target a $4 boost to $21.50. Analysts on average target the shares at $18.63. Mr. Thornhill says in a note: "Management has repositioned an ailing diversified LTC operator toward a capital-light services business. We expect accelerating demographics and a strained health system to continue to drive demand for its segments. With demographic tailwinds and muted near-term labour/policy risks, we expect shares to rerate higher to reflect its organic growth potential and capital-light structure. Additionally, low leverage (1.5 times ND/EBITDA) continues to provide future optionality for modest or transformational M&A. [Home health care] continues to trounce. Once again, Extendicare's HHC segment beat street forecasts with NOI coming in 22 per cent ahead. This was attributable to organic growth of 13 per cent year-over-year ADV [average daily volume], representing a second consecutive quarter of growth at this level."