RE:TD target remains at $39.00 TD Investment Conclusion
We maintain a BUY rating on Avigilon and reiterate that this premium
organic growth story is one of our top small-cap ideas. Our $39 target price
equates to 17x–18x 2015E EBITDA, which we see as very reasonable given
lower growth comparables at 16x–17x 2014E EBITDA.