The Globe and Mail reports in its Friday, Dec. 5, edition that National Bank Financial analyst Giuliano Thornhill is keeping his "outperform" recommendation for Extendicare intact. The Globe's David Leeder writes in the Eye On Equities column that Mr. Thornhill hiked his share target to $24.50 from $21.50. Analysts on average target the shares at $21. Mr. Thornhill says in a note: "Structural drivers have surged Extendicare's HHC volumes (up 12 per cent year-over-year ADV [average daily volume] growth) leading to strong margin performance. High labour availability is necessitated to retain this double-digit NOI growth profile which we view as likely and point to Ontario's 7.6-per-cent-unemployment rate as well as supportive policy announcements. Proving out margin sustainability upon entering a competitive labour market would drive further rerating." The analyst raised his 2027 adjusted funds from operations forecast by 19 per cent after "incorporating synergies realizable in two years, a mid-Q1 close, no seasonality for CBI and other adjustments. We expect the achievement of IG status will result in a portion of term debt being placed via an unsecured issuance in time."