The Globe and Mail reports in its Thursday edition that Paradigm Capital analyst Daniel Rosenberg commenced coverage on Sylogist with a "buy" recommendation and $12 share target. The Globe's David Leeder writes that analysts on average target the shares at $11. Mr. Rosenberg says in a note: "Sylogist's focus on customer-centric service and product development has led to an impressive turnaround. The company is expanding its recurring revenue base through strong, profitable organic growth. It has achieved a balanced 'rule of 40' profile with organic growth in the mid-teens and 25-per-cent EBITDA margins. Cash flow generation is also picking up as a result of its operating leverage. Valuation remains attractive at 2.7 times 2024 estimated EV/sales, well below the peer average of 5.5 times. We see potential for a multiple rerating as the company continues to scale. Sylogist has invested heavily in its go-to-market strategy. It developed new software from the ground up -- a different approach than many incumbents who tend to offer altered versions of their legacy platforms." The Globe reported on Feb. 2 that Stifel analyst Suthan Sukumar started coverage on Sylogist with a "buy" call. The shares were then going for $8.15.