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Converge Technology Solutions Corp
Symbol CTS
Shares Issued 214,896,369
Close 2022-05-25 C$ 6.97
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Globe says National's Shao finds Converge "appealing"

2022-05-26 09:08 ET - In the News

The Globe and Mail reports in its Thursday, May 26, edition that National Bank Financial analyst John Shao has reiterated his "outperform" recommendation for Converge Technology Solutions, as well as his $14 share target. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $12.75. The Globe reports that Mr. Shao came away more positive on Converge Technology after meeting with company executives and chief executive officer Shane Maine. Mr. Shao says in a note: "In our view, while [Tuesday's] meeting covered several of the important topics such as the supply chain, inflation, capital allocation strategy and managed services initiatives, they also reinforced our view that it's the combination of M&A and organic growth that makes this name appealing. As for the rest of the year, we think the company is on track to achieve or even exceed its previous goals in terms of capital deployment and ARR addition while maintaining a healthy organic growth of 10 per cent. ... We believe the opportunity for this name comes not only from the disciplined M&A strategy, but also from the scaling organic growth as the company integrates its acquired businesses."

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