CIBC Raises Target to $4.50
Globe says Coupland keeps Quarterhill at "outperformer"
2021-08-18 08:54 ET - In the News
The Globe and Mail reports in its Wednesday edition that CIBC World Markets analyst Todd Coupland remains bullish on Quarterhill ($2.45).
The Globe's David Leeder writes in the Eye On Equities column that accordingly, Mr. Coupland continues to maintain his "outperformer" recommendation.
He bumped his share target up by 50 cents to $4.50.
Analysts on average target the shares at $3.38. Mr. Coupland says in a note: "Quarterhill announced its intention to acquire Texas-based Electronic Transaction Consultants (ETC), a leading end-to-end tolling and mobility systems provider, for $150-million.
The acquisition is transformational and should expose Quarterhill to growth in the tolling market and opportunities for revenue synergies between ETC and the company's existing International Road Dynamics (IRD) segment.
We expect the news will impact Quarterhill's shares positively." The Globe's David Berman reported on Jan. 28, 2020, that Canaccord Genuity analyst Doug Taylor had kept Quarterhill at "buy" when it could be had for $2.04.
The Globe's David Leeder reported on Feb. 29, 2020, that Mr. Taylor raised his rating for Ottawa-based Quarterhill to "speculative buy" from "hold." The shares were then worth $1.81.