BMO Capital analyst Thanos Moschopoulos lowered his price target on Descartes Systems to $32 and kept his Market Perform rating after its Q3 earnings miss. The analyst notes that while the company can continue to execute "successfully" against its strategy and benefit from the "disruptive changes" in the logistics industry, he prefers "other Canadian software consolidators" on a relative basis. Moschopoulos adds that Descartes Systems likely grew its organic revenue by 6% in Q3, which would be toward the upper end of the 4%-6% range achieved in the recent quarters, but believes that a lower price target is warranted by the broader multiple compression in the SaaS group.