The Globe and Mail reports in its Wednesday edition that Ventum Capital analyst Amr Ezzat has reiterated his "buy" recommendation and $81 share target for Exchange Income. The Globe's David Leeder writes that analysts on average target the shares at $81.31. Mr. Ezzat highlights two key catalysts: the bid for a significant ISR contract in Australia and rising Arctic sovereignty expenditures. Mr. Ezzat estimates the bid for the ISR contract with Australia's Department of Defence could generate $60-million to $90 million in annual free cash flow and validate Exchange Income's ISR capabilities. Mr. Ezzat says in a note: "Our non-deal roadshow last week reinforced our conviction in Exchange Income's long-term model, its differentiated position in essential aviation services, and its ability to grow FCF per share and dividends even in a tougher macro environment. ... We view this bid as a high-impact free option with meaningful upside. Importantly, management noted that interest in ISR is not isolated to Australia. Exchange Income is engaged with several European countries exploring similar airborne surveillance solutions. The company has completed modification of its second ISR aircraft for the UK Home Office contract."