Target Raised to $4 The Globe and Mail reports in its Wednesday, Nov. 11, edition that Laurentian Bank Securities analyst Furaz Ahmad bumped up his share target for Converge Technology Solutions ($2.92) to $4 from $3.75.
The Globe's David Leeder writes in the Eye On Equities column that Mr. Ahmad reiterated his "buy" call. Meanwhile, Raymond James analyst Steven Li hiked his share target to $3.75 from $3.50 with an "outperform" recommendation. Analysts on average target the shares at $3.34.
Mr. Li says in a note, "With balance sheet concerns all but gone and ROIC starting to break-out, we believe Converge is just getting started and its current discounted valuation spells opportunity."
The Globe reported on Aug. 11 that Industrial Alliance Securities analyst Rob Goff began coverage of Converge Technology with a "speculative buy" rating. The shares could then be had for $1.60. The Globe reported on Sept. 16 that Mr. Ahmad rated Converge Technology "buy." Its shares could then be had for $2.04. The Globe reported on Oct. 9 that equity analysts at Echelon Capital Markets had named Converge Technology ($2.09) as one of their stocks for its "Top Picks Portfolio" for the fourth quarter. The shares could then be had for $2.09.