BMBRUCE read this one CRH Medical* (CRH : TSX : $7.49), Net Change: -0.19, % Change: -2.47%, Volume: 104,745 YOUR INTESTINE WOULD BE WORTH $27M IF IT WERE A VANCOUVER CONDO. Canaccord Genuity Healthcare Services Analyst Richard Close reiterated his bullish rating on shares of CRH Medical after traveling with management last week to gain U.S. investor exposure. Management described a robust deal pipeline as "stronger than ever" and reaffirmed its 2017 M&A spend target of ~$35M, relatively in line with 2016. The company's historical pro forma acquisition multiple after revenue enhancements is 3.7x. Assuming CRH is able to complete $28M in acquisitions to hit its spend target, it implies $7.6M in annualized adj-EBITDA to shareholders or 3.7x trailing adj-EBITDA post revenue enhancements. Close says, however, that shares may tread water until early July when 2018 proposed reimbursement rates are released, with "no" change to rates being viewed as a catalyst to drive shares higher given heightened concern of a negative adjustment.The just announced expanded $100M credit facility is bullish for potential M&A and provides added confidence in CRH's operating model and business environment. As part of the new facility, CRH paid off its Crown (CRN) debt that had a 12% annual rate.