The Globe and Mail reports in its Friday, Dec. 19, edition that National Bank Financial analyst Richard Tse has downgraded Computer Modelling to "sector perform" from "outperform." The Globe's David Leeder writes that Mr. Tse gave his share target a $3 trim to $6, which is a high on the Street. Analysts on average target the shares at $6.25. Mr. Tse thinks Computer Modelling's strategy to "monetize a long-standing customer base provides the potential for accelerating growth [and] acquisitions play a big role in that pursuit." However, he now sees "a balanced risk-to-reward profile" for investors, leading him to lower his recommendation for the Calgary-based producer of reservoir simulation software for the oil and gas industry on Thursday. Mr. Tse says in a note: "In our view, it's still too early to call as the company is still scaling its acquisition and integration efforts. Since embarking on its new strategy in 2022, Computer Modelling has closed three acquisitions -- Bluware (2023), Sharp Reflections (2024) and SeisWare (2025) -- deploying $73-million in total capital and acquiring $50-million-plus in annualized total revenue. Notably, these acquisitions have been Computer Modelling's main growth engine."