The Globe and Mail reports in its Thursday, May 4, edition that National Bank Financial analyst Jaeme Gloyn is keeping his recommendation for TMX Group unchanged at "sector perform." The Globe's David Leeder writes that Mr. Gloyn gave his share target a $3 boost to $155. Analysts on average target the shares at $153.71. Mr. Gloyn says in a note: "TMX delivered on our three keys to the quarter: (i) demonstrating continued solid momentum at Trayport; (ii) delivering revenue growth with the help of pricing initiatives and M&A activity; while at the same time, (iii) containing expense growth to deliver an EBITDA margin beat. The one drawback is that organic expense growth of 8-per-cent year-over-year outpaced organic revenue growth of 6 per cent year-over-year. However, this largely reflects the impact of a softer capital markets backdrop on listings and trading revenue growth. Moreover, we like that TMX continues to invest in growth as a 7-per-cent year-over-year increase in headcount almost entirely explained the 8-per-cent year-over-year increase in compensation and benefits expense. Overall, we expect the market to look through negative operating leverage and focus on the underlying revenue growth."