The Globe and Mail reports in its Friday, Sept. 1, edition that iA Capital Markets analyst Amr Ezzat has reaffirmed his "buy" recommendation for Sylogist. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ezzat continues to target the shares at $11. Analysts on average target the shares at $9.83. Mr. Ezzat says in a note: "Guided by a new management team and board of directors (BOD), Sylogist has shifted gears, leaving behind its old MO of a 'Steady Eddie' operator with outsized margins, to one seeking to capitalize on growth more aggressively. From an investor's perspective, we believe the management and BOD refresh was a much-needed stepping stone to revitalize a stagnant business model. The embers of sales growth have been rekindled, igniting a new flame within the company. But aggressive top-line growth is not without its growing pains. Margins compressed (as expected) as the company invested to grow, however, we believe they currently sit at trough (or close to trough) levels. We thus believe focusing too narrowly on short-term earnings significantly (and incorrectly) undervalues SYZ shares." The Globe reported on Nov. 17 that Mr. Ezzat rated Sylogist "buy," when it could be had for $4.33.