The Globe and Mail reports in its Thursday, Oct. 2, edition that RBC analyst Bart Dziarski rates TMX Group "outperform" in new coverage. The Globe's David Leeder writes that Mr. Dziarski set a share target of $66. Analysts on average target the shares at $62.31. Mr. Dziarski says in a note: "Over the past ten years, TMX's multiple has expanded by approximately 10 turns, while Global Solutions, Insights & Analytics (GSIA) revenue as percentage of total has expanded from 30 per cent to 40 per cent driving recurring revenue increasing from 40 per cent to 50 per cent today. In our view, this has been the single biggest driver of TMX multiple expansion given it represents a higher growth and recurring earnings stream and diversifies TMX away from transactional revenue. We model GSIA increasing from 41 per cent to 45 per cent of total revenues by 2027, driving a higher percentage of recurring revenue from 50 per cent today to 53 per cent by 2027. TMX rate-based revenues have risen following higher interest rates and we expect the trend to continue. ... With a higher EPS growth outlook, higher recurring revenue and lower CAPEX requirements vs. peers, we believe TMX should trade at a premium multiple relative to peers."