William Blair analyst Bhavan Suri continues to think shares of Qad Inc. are undervalued after hosting investor meetings with management. The analyst is "incrementally more confident" in the company's ability to sustain 25%-plus subscription revenue growth over next few years driven by continued net new customer wins as well as conversions to its cloud offering from existing on-premises customers. Suri also expects continued improvement in EBITDA margins, which he believes could reach 15% in the medium term. The analyst maintains an Outperform rating on Qad Inc.