The Globe and Mail reports in its Tuesday, Jan. 27, edition that RBC Dominion Securities analyst Paul Treiber anticipates "healthy" fourth quarter 2025 results for Canadian tech firms, but cautions that earnings season may not improve short-term software sentiment. The Globe's David Leeder writes in the Eye On Equities column that Mr. Treiber says the macro environment remained stable during the quarter. The market's risk-averse nature means any negative surprises could lead to significant downward revaluation. Mr. Treiber has reconfirmed his "outperform" recommendation for Constellation Software. Mr. Treiber gave his share target an $800 trim to $4,800. Analysts on average target the shares at $4,695. Mr. Treiber says in a note: "We expect Constellation's shares to be largely flat through Q4 results, even though the stock is already trading at a multi-year valuation low, as Q4 likely won't eliminate AI disruption concerns. For Q4, we anticipate the quarter will be largely in line with consensus, with adj. EBITDA up 20 per cent year-over-year, despite slower-than-expected M&A, as a slightly stronger-than-expected FX tailwind and potential margin upside offset lower capital deployed on acquisitions."