The Globe and Mail reports in its Tuesday, Feb. 3, edition that National Bank Financial analyst Ahmed Abdullah has assumed coverage on KP Tissue with a "sector perform" recommendation. The Globe's David Leeder writes that Mr. Abdullah hiked his share target to $11 from $10, matching the consensus. Mr. Abdullah says in a note: "We view KP Tissue as a differentiated, income-oriented vehicle providing public-market exposure to Kruger Products, Canada's leading tissue manufacturer. KP Tissue represents an approximately 12-per-cent economic interest in KPL while Kruger Inc. retains control. The thesis is anchored by (1) the mature, non-discretionary staples nature of tissue supporting resilient cash generation and (2) KP Tissue's consistent shareholder return is highlighted by a long-standing 18 cents/share quarterly dividend that supports a 'bond proxy' stance. We maintain our 'sector perform' rating given the control structure and its related limitations on liquidity and strategic optionality for public shareholders. While a re-starting capex cycle (TAD-3) is likely to pressure nearer-term free cash flow with returns skewed later in the decade; our valuation is in line with historical patterns given these offsets."