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Descartes Systems Group -2%; Cantor Fitzgerald, Raymond James positive

  • Descartes Systems Group (DSGX -2.1%), trading down following Q2 earnings, maintains respective Buy and Outperform ratings at Cantor Fitzgerald ($26 price target) and Raymond James ($22.50 price target) [$21.11 current price].
  • Raymond James: "We continue to see a lot to like about Descartes: 85%+ recurring revenues (transaction/subscription), 34%+ EBITDA margins with 94%+ CF conversion to boot. Some strong organic growth opportunities (trade content, omnichannel, security filings) are progressing well which coupled with its M&A strategy should sustain adj. EBITDA growth of 15%-20% CAGR for the next few years."
  • Cantor Fitzgerald cites plentiful capital that can be deployed for further M&A, SME segment opportunities, secular trends and a solid Global Logistics Network foundation in its note.
  • The company is trading around 4% lower since last Friday and up around 17% on the year.

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