The Globe and Mail reports in its Wednesday, March 13, edition that National Bank Financial has reaffirmed Fairfax Financial Holdings as a "top pick" after reviewing the company's fourth quarter financial statements and chief executive officer Prem Watsa's letter to shareholders, released on March 8. The Globe's Darcy Keith writes in the Eye On Equities column that National Bank analyst Jaeme Gloyn has an unchanged "outperform" recommendation and $2,000 share target. Analysts on average target the shares at $1,744. Fairfax is not part of the S&P/TSX 60 index. However, it is close to being added to it by S&P Dow Jones Indices, which reviews the index's stock holdings on a quarterly basis, based on a proprietary calculation of market capitalization that excludes insiders. Mr. Gloyn says in a note: "Overall, we view the [quarterly] results favorably given the combination of 1) 7 per cent quarter-over-quarter increase in book value per share on a 25-per-cent return on equity quarter; 2) significant operating income from the P&C insurance beat on a strong combined ratio of 90 per cent; and, 3) run-rate interest and dividend income of $2-billion."