Exchange Income Outperform Rating, C$84 Price Target, Confirmed at National Bank of Canada

01:21 PM EDT, 10/01/2025 (MT Newswires) -- National Bank of Canada on Wednesday maintained an outperform rating and C$84.00 price target on the shares of Exchange Income (EIFZF) ahead of the company's third quarter results.

"EIC will enjoy growth in 2026 and beyond from already won contracts such as the recently firmed up medevac contract in Newfoundland, a full-year contribution from the Canadian North acquisition (where the bottom line contribution already looks to be exceeding our expectations), and growth in the company's U.S. matting business which was acquired late last year," said analyst Cameron Doerksen.

The bank said that the company is well positioned for growth in its aerial surveillance business with the pending decision on a large contract in Australia.

The bank also sees the company benefiting from investment in Northern Canada, be it in defence-related activity or infrastructure.

"Furthermore, both the company's aviation segment and its matting solutions business could see more business if some of the large-scale "nation-building" projects in Canada move forward in the coming years," said Doerksen.

The bank said that its model adjustments are "mostly minor" with the biggest change balance sheet related as the bank accounts for the company's "forced conversion/redemption of its convertible debentures due in 2028 (slightly lower interest expense offset by modest dilution)."

Price: 73.56, Change: +0.94, Percent Change: +1.29

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