The Globe and Mail reports in its Tuesday, Sept. 29, edition that National Bank Financial analyst Mike Stevens has reaffirmed his "outperform" recommendation and $100 share target for Calian Group. The Globe's David Leeder writes that analysts on average target the shares at $103.83. Mr. Stevens believes the growth and margins for Calian Group's Global Navigation Satellite System (GNSS) "appear stronger than investors may appreciate." He says a tour of the company's GNSS manufacturing facility in Ottawa last week highlighted it "as one of the clearest examples of Calian's technology-led growth opportunity, supported by attractive margins." Mr. Stevens says in a note: "While still a relatively small contributor to Calian overall, we estimate GNSS now generates close to $50-million in annual revenue, or 6-per-cent-plus of consolidated revenue, up from just $9-million when Calian acquired Tallysman Wireless six years ago. Demand remains broad across commercial and defence applications, supporting continued double-digit growth, with defence becoming a more meaningful contributor. Further, we believe the business generates strong Adj. EBITDA margins above Calian's 23-per-cent defence and space segment margin."