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Fly News Breaks for June 11, 2019
DSGX
Jun 11, 2019 | 07:45 EDT
TD Securities analyst Daniel Chan resumed coverage of Descartes Systems with a Buy rating and $46 price target following the completion of the $245M equity offering. In a research note to investors, Chan says he believes the equity raise will move Descartes' balance sheet back into a net cash position of roughly $15M by the end of the second quarter of fiscal 2020, and adds that the company is "actively" considering two potential tuck-in acquisitions, but feels that more acquisitions may be on the horizon.
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