Raising Price Target. We are raising our 12-month price target for III shares to $7.00 from $5.00 based on the Company's strong operating performance and favorable operating outlook. At our new price target, III shares would trade at 21.2x our adjusted 2021 EPS, 11.9x our 2021 adjusted EBITDA, and 1.5x our 2021 revenue estimate. These multiples compare to a peer group average of 24.1x 2021 consensus earnings, 14.7x 2021 consensus EBITDA, and 2.3x 2021 consensus revenue.Area Revenues. Reported revenues were $38.1 million in the Americas, up 7% versus the prior year, excluding the impact of T&E (up 3% reported); $22.7 million in Europe, up 4%, excluding the impact of T&E (up 3% on a reported basis and down 5% in constant currency), and $5.7 million in Asia Pacific, up 24%, excluding the impact of T&E (up 22% on a reported basis and up 6% in constant currency).New Clients, Improving Utilization. ISG continues to add clients to its platform. During the first quarter, ISG did business with 483 clients, up 11% y-o-y, of which 66 were brand new to the Company, up 25% y-o-y. Consultant utilization hit 75% during the quarter, up 700 basis points y-o-y. Increased consultant utilization positively impacted margins. Capital Allocation. As mentioned, ISG generated solid CFFO and FCF during the quarter. A portion of the cash was used to repurchase $3.0 million worth of shares and pay down debt. Going forward, we expect FCF to pay the new dividend, continue to repurchase shares as the Company had $11.4 million of authorization left at quarter's end, and fund potential complimentary acquisitions.Updated Estimates. Even though COVID continues to impact ISG's business, with a lack of live event revenue, limited T&E revenue, and ongoing lockdowns across Europe, we believe the Company's business momentum will continue to pick-up steam throughout the year. For the second quarter we are projecting revenue of $65 million, adjusted EPS of $0.09, and adjusted EBITDA of $8 million. Read More >>