The Globe and Mail reports in its Friday, May 23, edition that Echelon Capital Markets analyst Amr Ezzat downgraded Computer Modelling Group to "neutral" from "buy." The Globe's David Leeder writes that Mr. Ezzat gave his share target a $5 trim to $9. Analysts on average target the shares at $11. Mr. Ezzat says in a note: "We approached Q4/F25 cautiously -- a stance which turned out to be warranted. Computer Modelling delivered a softer-than-expected finish to the year, with revenue ($33.7-million) and EBITDA ($10.5-million) both below consensus ($36-million/$11.8-million), and our own estimates ($34.8-million/$11.2-million), which sat at the bottom of the range for sales and near the bottom for EBITDA. More notable than the miss, however, was the drop in disclosure. Segment-level details -- elements that had become standard in Computer Modelling's MD&A since it began making acquisitions -- were absent. While the President's letter reaffirmed the outperformance of the acquired businesses relative to legacy solutions, the lack of granularity makes it more difficult to track the pace and effectiveness of that transition. ... We believe the stock is likely to remain range-bound in the near term."