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

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

A number of other brokerage houses have also issued reports on CTS. TD Securities upgraded shares of Converge Technology Solutions from a “hold” rating to a “buy” rating in a research report Thursday and lowered its price target on the stock to $6.50 from $8.50 . Eight Capital lowered its target price on shares of Converge Technology Solutions from $11.00 to $10.00 in a research report on Thursday. Canaccord Genuity Group lowered its target price on shares of Converge Technology Solutions from C$12.00 to C$10.50 in a research report on Thursday. CIBC lowered its target price on shares of Converge Technology Solutions from $8.00 to $7.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, on Friday, October 28th, Raymond James lowered his price target on shares of Converge Technology Solutions from C$9.50 to C$8.50 in a research report. One analyst has rated the stock with a hold and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $10.34.

Converge Technology Solutions stock performance

Shares of Converge Technology Solutions rose C$0.61 during trading hours on Friday to hit C$4.71. The company had a trading volume of 1,542,315 shares compared to an average volume of 772,418. The company has a market capitalization of CA$990.59 million and a PE ratio of 58.75. The company has a debt to equity ratio of 58.11, a current ratio of 0.84 and a quick ratio of 0.68. Converge Technology Solutions has a yearly low of $3.95 and a yearly high of $12.65. The company has a 50-day moving average of $6.05 and a 200-day moving average of $6.18.

Converge Technology Solutions (TSE:CTS – Get Rating) last released its quarterly earnings results on Tuesday, August 9th. The company reported earnings per share of $0.13 for the quarter, beating the consensus estimate of $0.07 by $0.06. The company had revenue of $596.66 million for the quarter compared to the consensus estimate of $570.63 million. On average, sell-side analysts expect Converge Technology Solutions to report year-to-date earnings per share of 0.6642398.

About Converge Technology Solutions

(get rating)

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions for businesses and government agencies in the United States and Canada. Its approach to solutions provides advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to customers across multiple industries.

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