UPDATE: BMO Capital Raises PT on Descartes Systems Group on Solid Q4 Results

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Descartes Systems Group DSGX, and slightly raised its price target from $8.50 to $9.50. BMO Capital Markets noted, “Descartes reported Q4/13 results that exceeded expectations. Revenues were $33.8 million (+14% y/y in c/c) versus the consensus of $33.3 million while adj. EBITDA per share was $0.16 versus the consensus of $0.15. On a y/y basis, revenue growth was helped by four acquisitions but hurt by the shedding of legacy Porthus revenue. Management's Q1/14 calibration (a measure of its firm visibility at this point in the quarter) calls for $31.8 million of revenue and $7.7 million of adj. EBITDA, and was essentially in line, from our perspective.” Descartes Systems Group closed on Thursday at $9.54.