Canaccord morning comment from Growth conferenceSandvine Corporation (SVC :TSX, C$3.51 | BUY, C$4.25 target) Sandvine announced 42 new customer wins in H1, a record and a leading indicator given 80- 90% of Sandvine's revenue is driven by sales to existing customers. We expect several drivers of growth including 1) continued growth in traditional areas of strength including service creation, business intelligence and traffic optimization, 2) a 100G refresh in early innings with only ~ 35 customers out of 300+ converted, 3) a new focus on security emphasized by the recent integration with Symantec RuleSpace and DeepSight, 4) a push into cloud services with fully virtualized cloud services policy controller and 5) PCRF or policy server upgrade cycle. In our view, the company is well positioned to beat modest expectations for the remainder of 2016 and 2017, and we continue to see low downside given strong profitability, with 70%+ gross margins steady OpEx expected in 2016, and a robust balance sheet with cash representing ~47% of the current share price, attractive discount valuation and a sustainable dividend with 2.0% yield. Sandvine is a Canaccord Genuity Focus List pick.