The Globe and Mail reports in its Friday, Feb. 9, edition that Raymond James analyst Michael Glen rates Diversified Royalty "outperform" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Glen set a share target of $3.40. Analysts on average target the shares at $4.13. Mr. Glen says in a note: "Diversified Royalty is a diversified business with a model geared toward acquiring revenue royalty streams from well-managed multi-location businesses and franchisors in North America. The company's current royalty partners include Sutton Group, Mr. Lube, Air Miles Loyalty, Mr. Mikes, Nurse Next Door, Oxford, Stratus, and BarBurrito. Diversified believes that its royalty structure provides a strong incentive for a royalty partner to continue growing their business, while retaining control of the operation. Specifically, the structure allows an owner to monetize a portion of their business without giving up any equity control. On the surface, we understand that investors have been hesitant to embrace the royalty structure in a substantial way, but a glance at some of the historical results of Diversified provide insight into a model that ultimately achieves its intended objectives."