Computer Modelling Group Kept at Market Perform At BMO Following Q3 Results; Price Target Raised to C$11.50 11:04 AM EST, 11/14/2023 (MT Newswires) -- BMO Capital Markets on Tuesday reiterated its market-perform rating on the shares of Computer Modelling Group (CMG.TO) while raising its price target to C$11.50 from C$10.00 after the company, which provides reservoir-modelling for the oil industry, reported third-quarter results.
"CMG reported another strong quarter as top-line growth continues to impress. The company has experienced a solid recovery in its North American operations, while International results have been very strong. While we expect recent North American M&A could slow this trajectory somewhat over the next 12-18 months, CMG's software should remain en vogue as producing fields become more complex (and not to mention additional demand from CCS related work increases). Post quarter, we are increasing our target price to $11.50 ($10 prior) and reiterate our Market Perform rating," analyst John Gibson wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 10.39, Change: +0.64, Percent Change: +6.56