08:57:23 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Converge Technology Solutions Corp
Symbol CTS
Shares Issued 209,133,903
Close 2023-06-07 C$ 3.50
Market Cap C$ 731,968,661
Recent Sedar Documents

Globe says Converge Tech kept at "sector outperform"

2023-06-07 08:52 ET - In the News

The Globe and Mail reports in its Wednesday edition that Scotia Capital analyst Divya Goyal is sticking with her "sector outperform" rating and $7 share target for Converge Technology Solutions. The Globe's David Leeder writes that analysts on average target the shares at $5.71. While Converge Technology is set to be removed from the S&P/TSX Composite Index, Ms. Goyal recommends investors "buy the weakness" with its outlook remaining "stable." Ms. Goyal says in a note: "We continue to believe in the company's operational capabilities, cash generation potential and management commitment towards driving shareholder value. We expect to see short-term downward pressure on the stock, with potential stock catalysts being NCIB roll-out, Investor Day and quarterly results. We continue to be buyers of the stock. ... The company's aggressive M&A strategy has now been moved to the sidelines as the company works towards integrating its 20-plus acquisitions closed in last two years, while working towards margin improvement through organic growth and opex synergies. We believe Converge has robust growth potential within its existing client base while working towards acquiring new clientele as it adds new logos."

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