The Globe and Mail reports in its Tuesday, Jan. 27, edition that RBC 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 says in a note: "Canadian software stocks, roiled by [artificial intelligence] disruption fears, continue to see valuation multiples compress. While we expect Q4 results largely in line with consensus and believe the magnitude of the pullback in software valuations is an overreaction, we are reducing our price targets on 7 software stocks in our coverage, as negative sentiment may persist in the short term." Mr. Treiber has reaffirmed his "outperform" recommendation for Topicus.com. Mr. Treiber gave his share target a $30 trim to $160. Analysts on average target the shares at $194.99. The Globe reported on Aug. 6 that Mr. Treiber rated Topicus.com "outperform." It was then worth $182.60.