Cormark raised target to 3.60Investment Conclusion:
We are excited that execution has begun on QTRHs ITS consolidation plan and valuation remains attractive at 3.4X EBITDA and 1.0X book value. Catalysts include sizeable licensing deals from WiLan (including Apple) and further M&A news. We maintain our buy rating and our target moves to 3.60 from 3.40 (based on 1.4x BVPS).