CIBC Raises Converge Technology Solutions (TSE:CTS) Price Target to C$6.00

Converge Technology Solutions (TSE:CTS) had its price target lifted by CIBC from C$5.50 to C$6.00 in a note issued to investors on Thursday,BayStreet.CA reports. CIBC’s price target indicates a potential downside of 0.50% from the company’s current price.

CTS has been the topic of a number of other reports. Desjardins cut Converge Technology Solutions from a “buy” rating to a “tender” rating and raised their price target for the company from C$5.00 to C$5.50 in a report on Friday, March 7th. Ventum Financial downgraded Converge Technology Solutions from a “buy” rating to a “tender” rating and decreased their price objective for the company from C$6.00 to C$5.50 in a research report on Monday, February 10th. Stifel Canada raised Converge Technology Solutions to a “strong-buy” rating in a research note on Wednesday, January 15th. TD Securities raised their price objective on Converge Technology Solutions from C$5.50 to C$6.00 and gave the stock a “sell” rating in a report on Thursday. Finally, Jefferies Financial Group dropped their price objective on Converge Technology Solutions from C$145.00 to C$140.00 and set a “hold” rating on the stock in a research report on Friday, March 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of C$16.63.

Converge Technology Solutions Stock Performance

TSE:CTS traded down C$0.02 during trading hours on Thursday, reaching C$6.03. The company had a trading volume of 1,483,287 shares, compared to its average volume of 1,554,349. Converge Technology Solutions has a 52 week low of C$2.90 and a 52 week high of C$6.06. The firm’s 50 day moving average price is C$5.03 and its 200-day moving average price is C$4.17. The company has a current ratio of 0.96, a quick ratio of 0.68 and a debt-to-equity ratio of 85.78. The firm has a market cap of C$1.14 billion, a price-to-earnings ratio of -7.23, a PEG ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp is a Canadian company building a platform of regionally focused Hybrid IT infrastructure providers that deliver best-of-breed solutions and services in the United States. The solutions provided include multi-cloud solutions, the blockchain, resiliency, and managed services, enabling the company to address the business and IT issues that public and private-sector organizations face.