The Globe and Mail reports in its Friday, Dec. 19, edition that National Bank Financial analyst Richard Tse has resumed coverage on TECSYS with a "sector perform" recommendation, down from "outperform," due to valuation concerns. The Globe's David Leeder writes in the Eye On Equities column that Mr. Tse gave his share target a $12 trim to $38. Analysts on average target the shares at $48. Mr. Tse says in a note: "We think TECSYS is executing well on its strategy. ... What would make us more constructive? Improving or stabilizing macro. With expectations for an increasingly challenging U.S. healthcare budget environment -- particularly the uncertainty around Medicaid cuts, Affordable Care Act subsidy reductions and rising pressure on hospitals from an increase in uncompensated care -- stability on this front would be a positive catalyst. Management emphasized that these pressures are elongating deal cycles rather than reducing demand, with multiple vendor-of-choice awards awaiting budget clearance. An improving, or at least stabilizing, environment would provide an improved risk-to-reward profile and accelerate conversion of TECSYS's pipeline."