RE: Scotia maintains underperform rating An alternate view to Scotia's comments...
PAG Equity: Gibson is on PAG’s recommended list, and it is held in the SMP dividend/equity portfolios and the
Canadian Income Plus Guided Portfolio. We distributed commentary on Monday that summarized our decision to
maintain our positive stance on Gibson, despite the sector underperform rating by the Scotia analyst (the street is far
more positive with 7 buys/4 holds/1 sell, $28.30 avg target price). As expected, some of Gibson’s segment’s were
weaker than expected, but this was more than offset by strength in other segments, resulting in an overall beat. The
dividend increase is also a pleasant surprise (GEI now yields 4.3%). We continue to like Gibson, but recommend
trimming positions should the stock trade above $26.50 in the near-term.