), citing its valuation. Quad rose more than 4 percent recently to $20.31. But even with the gain, the shares are off more than 11 percent in the year to date. Sidoti's Katja Jancic boosted her rating on Quad to Buy from Neutral, citing digital printing and logistics services as long-term growth catalysts. The stock has sold off lately on investor concern that a stagnant global economy will accelerate the decline of the printing business, according to Jancic, who maintained a $25 price target on Quad. Quad posted sales growth last year of about 1.4 percent to $4.86 billion, while earnings per share dropped to $0.38 cents a share, from $0.65 cents in 2013. Ongoing pricing and volume pressure will hinder revenue through 2016, according to Jancic. But the analyst called Quad "undervalued" based on its estimated cash flow, with Jancic called "ample enough" to support acquisitions as well as the company's dividend and debt repayments. Jancici expects a 0.7 percent revenue decline in 2015, along with narrowing margins. Over the near term, "expensive acquisitions are the only avenue to revenue growth," Jancic said. But growth in digital press technology will boost Quad's ability to reduce clients' printing costs. Quad's co-mailing and logistics services business is likely to grow between 5 percent and 15 percent annually for the next five years. And Quad is expanding its side business, called QuadMed, which provides on- and shared-site health and wellness solutions. Jancic said those factors can "partly offset the declining print business" and produce revenue growth of between 1 percent and 2 percent following 2016.