The Globe and Mail reports in its Tuesday, Dec. 19, edition that RBC Capital analyst Geoffrey Kwan has reaffirmed his "sector perform" recommendation for TMX Group. The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwan boosted his share target by a loonie to $34. Analysts on average target the shares at $32.63. Mr. Kwan says in a note: "We forecast the VettaFi acquisition to be marginally accretive to our 2024 EPS forecast and 4-per-cent accretive in 2025. While we like the acquisition for its business mix diversification and growth potential standpoint, with an acquisition multiple of 19.0 times EV/EBITDA (2024 estimates) (16.3 times including the tax benefit), we think it is important for the TMX to successfully execute on VettaFi's growth strategy. We note that Trayport has delivered strong growth since the TMX acquired it in 2017. We estimate pro forma leverage is 2.8 times net debt/NTM [next 12-month] EBITDA, which we think is manageable and does leave some capacity to complete bolt-on acquisition(s)." The Globe reported on July 26 that Mr. Kwan had lowered his rating for TMX Group to "sector perform" from "outperform" when it could be had for $29.39.