The Globe and Mail reports in its Wednesday, Nov. 6, edition that Ventum's Amr Ezzat commenced coverage on Exchange Income with a "buy" recommendation and Street-high share target of $74. The Globe's David Leeder writes that analysts on average target the shares at $65.61. Mr. Ezzat says in a note: "Exchange Income [has] an enviable track record of value creation through acquisition, underpinned by disciplined capital allocation and an operational focus that consistently drives shareholder returns. Few in its peer group blend growth with resilience as well as Exchange Income. The company is strong in its niche industries, with a deep management bench, and is primed to continue capitalizing on inorganic growth opportunities. ... We argue that the market has, time and again, misjudged Exchange Income's long-term value. The Street's reliance on short-term multiples to value the company significantly undervalues Exchange Income, as it fails to capture its disciplined M&A strategy and its capacity to significantly enhance shareholder returns. Simply applying a multiple to near-term earnings misses the essence of what Exchange Income is: a diversified growth platform with the ability to deploy capital accretively."