The Globe and Mail reports in its Friday, Jan. 23, edition that National Bank Financial analyst Richard Tse has reaffirmed his "sector perform" recommendation for Constellation Software. The Globe's David Leeder writes that Mr. Tse has cut his share target to a Street-low $3,200 from $4,500. Analysts on average target the shares at $4,944.67. Mr. Tse is expecting a large in-line earnings season for Canadian technology companies with few surprises as the sector continues to be "shaped by cross-border trends." Mr. Tse expects valuation to be "rewarded" for artificial-intelligence-resilient businesses as well as those "entering a strategic and/or operating inflection" and smaller names with meaningful market opportunity that are executing on a strategy. Mr. Tse says in a note: "[Our] revised target price [for Constellation] reflects our moderated assumptions for growth given a lower-than-expected rate of capital deployment along with a slight increase in discount rate to reflect the current market backdrop." The Globe reported on March 11 that Mr. Tse was keen on Constellation, which was then worth $4,800. The Globe's David Berman said on Dec. 29 do not give up on Constellation, which was then going for $3,317.17.