The Globe and Mail reports in its Friday, Feb. 2, edition that Stifel analyst Suthan Sukumar started coverage of Sylogist with a "buy" rating on Thursday. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sukumar targets the shares at $14. Analysts on average target the shares at $11. Mr. Sukumar sees accelerating growth as Sylogist shifts its focus to a Software-as-a-Service (SaaS) business model. Mr. Sukumar says in a note: "A CEO retirement and ensuing strategic review set the stage for a new management team, board refresh and growth investments, pivoting Sylogist onto a new trajectory of outsized growth post-successful execution of a SaaS-first model shift. We believe this inflection is early days and see potential upside to an already compelling outlook for double-digit organic growth and robust profitability/FCF as the company takes share with proven product-market fit for its ERP/CRM offerings, further differentiated by strong customer service, in an underserved mid-market for public service software. A highly fragmented industry combined with Sylogist's healthy balance sheet and significant debt capacity presents a unique consolidation opportunity, providing further growth optionality."