Scotiabank Cuts Converge Technology Solutions (TSE:CTS) Price Target to C$11.00

Converge Technology Solutions (TSE:CTSGet Rating) had its price objective cut by equities research analysts at Scotiabank from C$14.00 to C$11.00 in a research note issued on Monday, BayStreet.CA reports. Scotiabank’s price target suggests a potential upside of 104.08% from the company’s current price.

Other analysts have also recently issued reports about the company. National Bankshares cut their price objective on Converge Technology Solutions from C$14.00 to C$12.00 and set an “outperform” rating for the company in a research report on Thursday, July 21st. Raymond James set a C$12.50 target price on Converge Technology Solutions and gave the stock an “outperform” rating in a report on Thursday, May 12th. Laurentian Bank of Canada reaffirmed a “buy” rating and issued a C$11.00 target price on shares of Converge Technology Solutions in a research report on Tuesday, June 21st. TD Securities decreased their price objective on Converge Technology Solutions from C$12.00 to C$8.50 and set a “hold” rating for the company in a report on Thursday, May 12th. Finally, Cormark cut their target price on Converge Technology Solutions from C$11.50 to C$10.00 and set a “na” rating on the stock in a research note on Monday, June 27th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from, the stock has an average rating of “Moderate Buy” and an average target price of C$11.60.

Converge Technology Solutions Stock Performance

Shares of TSE CTS opened at C$5.39 on Monday. The company has a market cap of C$1.16 billion and a P/E ratio of 107.80. The company has a quick ratio of 0.89, a current ratio of 1.14 and a debt-to-equity ratio of 28.01. Converge Technology Solutions has a 12 month low of C$4.85 and a 12 month high of C$13.09. The business’s 50 day moving average is C$5.42 and its two-hundred day moving average is C$6.68.

Converge Technology Solutions (TSE:CTSGet Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported C$0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.06 by C$0.04. The firm had revenue of C$550.04 million for the quarter, compared to analyst estimates of C$497.63 million. On average, equities analysts expect that Converge Technology Solutions will post 0.64 EPS for the current year.

About Converge Technology Solutions

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Converge Technology Solutions Corp., through its subsidiaries, distributes storage devices and systems, computer products, software, and peripherals. The company also provides installation and maintenance; analytics, hybrid cloud, infrastructure, and cybersecurity services; cloud delivery, compute efficiency, network optimization, and IT spend optimization solutions; and IT professional services, such as data center infrastructure integration and solutioning, and cloud optimization.

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Analyst Recommendations for Converge Technology Solutions (TSE:CTS)

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