We believe Altitude is strongly positioned to pursue multiple growth opportunities - building on its status as a leading player in the US promotional products market. We also expect a refocusing of its commercial priorities and objectives undertaken by a refreshed management team to strengthen its ability to deliver long-term shareholder, with a step change in its AIM Smarter digital offering a key driver and source of valuation upside. Our 43p target price suggests a 12-month TSR of >70% and good scope for strong share price performance. BUY.