CIBC last night upgraded Descartes Systems to Outperformer from Neutral with a price target of $101, up from $96.50. Roughly 40% of the company’s revenue is transaction-based and, with global trade indicators starting to look more healthy, Descartes is a “low-risk beneficiary of the freight recovery,” the analyst tells investors in a research note. The firm says the company’s base business has high-single-digit organic growth and solid margins. It sees potential for the freight recovery to move organic growth into the low teens and finds the stock attractively valued at current levels.
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