The Globe and Mail reports in its Friday, Aug. 18, edition that CIBC World Markets analyst John Zamparo has reiterated his "outperformer" recommendation for Diversified Royalty. The Globe's David Leeder writes in the Eye On Equities column that Mr. Zamparo gave his share target a 10-cent trim to $3.20. Analysts on average target the shares at $3.99. Mr. Zamparo says in a note: "We have increased our estimates for DIV's 2024 distributable cash flow based on another quarter of meaningfully higher revenues than expected from Mr. Lube. A slightly lower cash flow multiple (now 12 times, from 12.5 times previously) causes us to trim our price target. ... We maintain our 'outperformer' rating, as we see Diversified Royalty as a defensive name for investors amidst continued economic uncertainty. Diversified Royalty's current valuation (10.7 times 2024E EV/EBITDA) seems to be pricing in a far more negative outcome for AIR MILES (AM) than is likely. We view this asset as mostly derisked, and the pilot with Dollarama should allay some investor concerns." The Globe reported on Nov. 15 that Mr. Zamparo was holding on to his "neutral" recommendation for Diversified Royalty. The shares could then be had for $2.84.