Cormark Cuts Converge Technology Solutions (TSE:CTS) Price Target to C$8.00

Converge Technology Solutions (TSE:CTSGet Rating) had its price objective reduced by Cormark from C$10.00 to C$8.00 in a report released on Thursday morning, reports. Cormark also issued estimates for Converge Technology Solutions’ Q4 2022 earnings at $0.08 EPS, FY2023 earnings at $0.29 EPS and FY2024 earnings at $0.37 EPS.

A number of other research analysts have also recently weighed in on the company. National Bankshares reduced their target price on Converge Technology Solutions from C$12.00 to C$10.00 and set an outperform rating on the stock in a report on Tuesday, November 1st. Scotiabank reduced their target price on Converge Technology Solutions from C$12.00 to C$11.00 in a report on Friday, October 28th. TD Securities upgraded Converge Technology Solutions from a hold rating to a buy rating and reduced their target price for the company from C$8.50 to C$6.50 in a report on Thursday. Eight Capital reduced their price objective on Converge Technology Solutions from C$14.50 to C$11.00 and set a buy rating on the stock in a research note on Thursday, August 4th. Finally, Raymond James reduced their price objective on Converge Technology Solutions from C$9.50 to C$8.50 in a research note on Friday, October 28th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to, the company currently has an average rating of Moderate Buy and an average target price of C$10.34.

Converge Technology Solutions Price Performance

Shares of TSE:CTS opened at C$4.67 on Thursday. The company has a market cap of C$982.18 million and a P/E ratio of 58.38. The company has a quick ratio of 0.68, a current ratio of 0.84 and a debt-to-equity ratio of 58.11. Converge Technology Solutions has a 52 week low of C$3.95 and a 52 week high of C$12.65. The business has a fifty day simple moving average of C$5.95 and a 200-day simple moving average of C$6.16.

Converge Technology Solutions (TSE:CTSGet Rating) last issued its earnings results on Tuesday, August 9th. The company reported C$0.13 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.07 by C$0.06. The firm had revenue of C$596.66 million during the quarter, compared to analyst estimates of C$570.63 million. Equities research analysts forecast that Converge Technology Solutions will post 0.66 EPS for the current year.

About Converge Technology Solutions

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Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions for corporate and government institutions in the United States and Canada. Its solutions approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.

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