Open Text Corp T.OTEX

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That's obviously a US$ target. GLTA

Canadian software consolidators may experience some headwinds, but still well positioned to compound capital. Canadian software consolidators like GIB.A, CSU, and OTEX may experience a modest deceleration in organic growth, though the magnitude is expected to be limited, given their high mix of recurring revenue. Reduced costs are likely to help mitigate the impact of lower organic growth on profitability and cashflow. We believe the Canadian software consolidators are more likely to deploy higher amounts of capital on acquisitions during periods of financial and economic duress. For example, CSU deployed a larger amount of capital on acquisitions Q2 than Q1. While the Canadian software consolidators may experience deceleration in organic growth, we believe cashflow would remain resilient, which helps finance acquisitions, where these businesses have created the vast majority of shareholder value over time. The Canadian software consolidators remain core holdings in the Canadian technology sector, in our view. Our price target on CSU moves from C$1700.00 to C$1900.00, and our price target on OTEX goes from $45.00 to $48.00.