The Globe and Mail reports in its Tuesday, Jan. 28, edition that National Bank analyst John Shao has reaffirmed his "outperform" recommendation and $126.37 share target for Descartes Systems Group (all figures U.S.). The Globe's David Leeder writes that analysts on average target the shares at $126.37. Mr. Shao says in a note: "We don't believe Descartes's quarterly performance mirrors the movement of the freight index and thus we follow the index only for significant directional changes. On that note, November experienced a minor volume decline of 0.7 per cent, which deepened to 6.5 per cent in December. While the month-over-month decline is notable, this single data point may not be sufficient to signal a market turn. Similar declines were recorded in mid-2024, and during those months, Descartes was still able to deliver robust organic growth. We had an opportunity to host investor meetings with Descartes in December. We left these meetings with even greater confidence in Descartes's ability to achieve its growth and profitability targets. A disciplined M&A approach, coupled with consistent organic growth and margin expansion potential, has established Descartes as a high-quality compounder and tech roll-up."