TD Securities Upgrades Converge Technology Solutions (TSE:CTS) to Strong-Buy

Converge Technology Solutions (TSE:CTS) was upgraded by analysts at TD Securities from a “strong sell” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

CTS has been the topic of several other reports. Cormark raised Converge Technology Solutions from a “hold” rating to a “moderate buy” rating in a report on Monday, January 13th. CIBC lifted their price objective on Converge Technology Solutions from C$4.00 to C$5.50 in a research note on Monday. Scotiabank raised their target price on shares of Converge Technology Solutions from C$4.00 to C$5.50 in a report on Friday, February 7th. Raymond James decreased their target price on shares of Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday, October 25th. Finally, Stifel Nicolaus set a C$4.00 price objective on shares of Converge Technology Solutions and gave the stock a “hold” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$5.73.

Converge Technology Solutions Price Performance

Shares of Converge Technology Solutions stock opened at C$5.40 on Tuesday. The stock’s fifty day moving average is C$3.56 and its 200 day moving average is C$3.89. Converge Technology Solutions has a one year low of C$2.90 and a one year high of C$6.06. The company has a debt-to-equity ratio of 99.08, a quick ratio of 0.68 and a current ratio of 1.00. The stock has a market cap of C$1.05 billion, a P/E ratio of -6.75, a P/E/G ratio of 0.14 and a beta of 1.81.

Converge Technology Solutions (TSE:CTS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported C$0.12 EPS for the quarter, beating the consensus estimate of C$0.08 by C$0.04. Converge Technology Solutions had a negative net margin of 6.10% and a negative return on equity of 33.46%. During the same quarter in the prior year, the business posted $0.10 EPS. Sell-side analysts anticipate that Converge Technology Solutions will post 0.6884058 earnings per share for the current year.

About Converge Technology Solutions

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.