BMO Capital Markets cuts Converge Technology Solutions (TSE:CTS) price target to C$8.00

Converge Technology Solutions (TSE:CTS – Get Rating) Investment analysts at BMO Capital Markets lowered their price target to C$8.00 from C$9.00 in a note to investors Friday, BayStreet.CA reported. BMO Capital Markets’ price target suggests a potential upside of 69.85% from the company’s current price.

Several other brokerages have also released reports on CTS. In a research note Thursday, TD Securities upgraded Converge Technology Solutions to a “buy” rating from a “hold” rating and lowered its price target on the stock to C$6.50 from C$8.50. In a research note Thursday, Eight Capital cut its price target on Converge Technology Solutions stock to C$10.00 from C$11.00. Canaccord Genuity Group cut its price target on Converge Technology Solutions stock to C$10.50 from C$12.00 in a research note on Thursday. CIBC cut its price target on Converge Technology Solutions stock to C$7.00 from C$8.00 and rated the stock as “neutral” in a research note on Thursday. Finally, Raymond James lowered his price target for Converge Technology Solutions to C$8.50 from C$9.50 in a research note on Friday, Oct. 28. One analyst has a hold rating on the stock and eight analysts have a buy rating on 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

Shares of Converge Technology Solutions were up 61 cents at $4.71 during Friday’s session. The company’s trading volume was 1,542,315 shares, compared to its average volume of 772,418 shares. The company has a market capitalization of C$990.59 million and a price-to-earnings ratio of 58.75. The company’s gearing ratio is 58.11, the current ratio is 0.84, and the quick ratio is 0.68. Converge Technology Solutions had a one-year low of C$3.95 and a one-year high of C$12.65. The company 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) released its quarterly earnings results on Tuesday, August 9. The company reported earnings per share of C$0.13 for the quarter, beating the consensus estimate of C$0.07 by C$0.06. The company’s revenue for the quarter was C$596.66 million, compared with the consensus estimate of C$570.63 million. On average, sell-side analysts expect Converge Technology Solutions to report earnings per share of 0.6642398 for the current year.

About Converged Technology Solutions

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Converged Technology Solutions, Inc. provides software-enabled IT and cloud solutions to businesses and government agencies in the United States and Canada. Its solutions approach provides advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure and digital workplace products to clients across industries.

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