William Blair analyst Matthew Pfau keeps an Outperform rating on Descartes Systems after hosting investor meetings with CEO Ed Ryan. Management sounded confident in its ability to continue to increase adjusted EBITDA about 15% annually and sees plenty of potential acquisitions, Pfau tells investors in a research note. Further, the analyst says commentary about MacroPoint and the capacity matching solution was positive. He believes Descartes is well positioned to continue to execute on its acquisition strategy and increase adjusted EBITDA 15% annually. The shares can outperform the broader market over the next 12 months, says the analyst.