The Globe and Mail reports in its Friday edition that National Bank Financial analyst Gabriel Dechaine has reaffirmed his "sector perform" recommendation for Great-West Lifeco. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dechaine boosted his share target by a loonie to $39, matching the consensus. Mr. Dechaine says Great-West's sale of U.S. wealth manager Putnam Investments to Franklin Resources in a deal valued at $1.8-billion (U.S.) is "a fair price for an underperforming asset." He says Great-West should have sold the company years ago. Mr. Dechaine says in a note: "Yes, market conditions and mutual fund industry dynamics (and valuation) are different. However, from an operating standpoint Putnam was a consistent disappointment, with recurring losses and a Q1/23 AUM base of $169-billion (U.S.) that sits approximately 12 per cent below AUM levels when it was acquired in 2007. Without hindsight, we see the transaction as a positive. It removes a distraction for management and investors for a price we view as fair. Moreover, the sale eliminates the (admittedly slim) possibility that GWO could have chosen to make an acquisition in order to address elusive scale issues at Putnam."