The Globe and Mail reports in its Friday, July 31, edition that ATB Cormark analyst Gavin Fairweather, noting the anticipated impact of its recent $70-million (U.S.) acquisition of the tolling solutions division of Conduent Business Services, upgraded Quarterhill to a "top pick" recommendation from "outperform" ahead of its quarterly earnings release. The Globe's David Leeder writes in the Eye On Equities column that Mr. Fairweather gave his share target a 60-cent boost to $5. Analysts on average target the shares at $2.25. Mr. Fairweather says in a note: "While Q2 results will not include the contribution from the recent transformational Conduent transaction, we expect continued solid momentum in the base business underpinned by organic growth, profitability enhancement and improved seasonality (sequentially). After further digestion of the Conduent news, we are increasing our estimates for the pro forma company. Quarterhill's stock has had a strong move year-to-date given contract momentum driving backlog growth, excitement on new platform competitiveness on a large volume of outstanding RFPs, profitability enhancements, the debt refinancing and the Conduent news."