The Globe and Mail reports in its Wednesday, July 30, edition that National Bank Financial analyst Jaeme Gloyn moved First National Financial to "tender" from "sector perform" following the announcement of its agreement to sell a majority interest to private equity funds run by Brookfield Asset Management and Birch Hill Equity Partners Management. The Globe's David Leeder writes in the Eye On Equities column that Mr. Gloyn's share target rose to $48, which is now the average, from $39. Mr. Gloyn says in a note: "We believe the transaction represents an attractive valuation for First National shareholders. In addition, the transaction is the result of a strategic review process which included outreach to a broad pool of potential buyers and several acquisition proposals that fell below the Birch Hill and Brookfield offer. In our view, this reduces the likelihood of a superior bid emerging." The Globe reported on Nov. 2, Feb. 6 and May 1 that Mr. Gloyn had reaffirmed his "sector perform" call for First National. The shares could then be had for $37.55, $40.15 and $37.44.