National Bank increasing target to $5.75Increasing target to C$5.75/sh target; maintain Outperform We rolled our valuation forward to 2022E to capture the contribution of the acquisition. With this, we are increasing our target to C$5.75/sh (was C$5.25/sh) based on a P/E of 25x our $0.19 EPS estimate for 2022E (was 2021E), with a 12-month forecast for the CAD at 0.83. VNP continues to lag its peer group, trading at 20x 2021E EPS vs. peers at ~33x P/E. With an increased focus on high value-add and high growth semiconductor markets, we believe that VNP could close the valuation gap with its peers.