December 8, 2022
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BMO Capital Markets Cuts Converge Technology Solutions (TSE:CTS) Price Target to C$8.00

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Converge Technology Solutions (TSE:CTS – Get Rating) had its target price cut by investment analysts at BMO Capital Markets from C$9.00 to C$8.00 in a note issued to investors on Friday, BayStreet.CA reports. BMO Capital Markets’ price objective suggests a potential upside of 69.85% from the company’s current price.

A number of other brokerages have also issued reports on CTS. TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating and decreased their target price for the stock from C$8.50 to C$6.50 in a research report on Thursday. Eight Capital decreased their target price on shares of Converge Technology Solutions from C$11.00 to C$10.00 in a research report on Thursday. Canaccord Genuity Group decreased their target price on shares of Converge Technology Solutions from C$12.00 to C$10.50 in a research report on Thursday. CIBC decreased their target price on shares of Converge Technology Solutions from C$8.00 to C$7.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Raymond James decreased their target price on shares of Converge Technology Solutions from C$9.50 to C$8.50 in a research report on Friday, October 28th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of C$10.34.

Converge Technology Solutions Stock Performance

Converge Technology Solutions stock traded up C$0.61 during trading hours on Friday, hitting C$4.71. The company had a trading volume of 1,542,315 shares, compared to its average volume of 772,418. The firm has a market cap of C$990.59 million and a PE ratio of 58.75. The company has a debt-to-equity ratio of 58.11, a current ratio of 0.84 and a quick ratio of 0.68. Converge Technology Solutions has a one year low of C$3.95 and a one year high of C$12.65. The firm has a 50-day moving average of C$6.05 and a 200 day moving average of C$6.18.

Converge Technology Solutions (TSE:CTS – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The company reported C$0.13 earnings per share for the quarter, beating the consensus estimate of C$0.07 by C$0.06. The company had revenue of C$596.66 million during the quarter, compared to the consensus estimate of C$570.63 million. On average, sell-side analysts expect that Converge Technology Solutions will post 0.6642398 earnings per share for the current year.

About Converge Technology Solutions

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Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions for corporate and government institutions in the United States and Canada. Its solutions approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.

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Analyst Recommendations for Converge Technology Solutions (TSE:CTS)

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