The Globe and Mail reports in its Friday, Sept. 1, edition that iA Capital Markets analyst Amr Ezzat rates TECSYS "buy" with a $45 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $46.33. Mr. Ezzat says in a note: "Reflecting a story of transformation, TECSYS is undergoing a significant change as it continues to shift away from an on-premise model to a SaaS model. While we are fans of the business model evolution, the shift marks a distinct setback. The transition to SaaS has curtailed the larger (but lumpier) on-premise license revenue side of the business, which has historically delivered between 2-3 times the upfront revenues of the SaaS model, considerably understating the recent underlying revival in revenue growth. This together with a model still too reliant on in-house implementation has hampered margins. The silver lining to this strategic shift lies in the creation of a stable, visible, growing recurring revenue stream. TECSYS looks attractive on a sales and gross profit multiples basis. ... We encourage investors to adopt a longer-term view when evaluating the merits of investing in TECSYS."