The Globe and Mail reports in its Friday, April 11, edition that TD Cowen analyst David Kwan has elevated his recommendation for Constellation Software to "buy" from "hold," citing the recent pullback in its share price and its "defensive business model" which he thinks leaves it "relatively well-positioned for an economic downturn." The Globe's David Leeder writes in the Eye On Equities column that Mr. Kwan hiked his share target to $5,500 from $5,250. Analysts on average target the shares at $5,152. Mr. Kwan says in a note: "Constellation is one of the highest quality companies we have come across. The company has consistently delivered superior M&A-driven growth with strong margins, FCF and ROIC, while maintaining a solid balance sheet. Since 2003, Constellation has delivered an 20- to 30-per-cent CAGR in key metrics. ... We believe the stock is attractively valued and, like the business, we believe the shares should outperform if there is an economic downturn, given its defensive business model. We believe Constellation has a top-tier management team that will continue to deliver superior shareholder returns over the long term, including through additional spinouts."