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Akanksha Bakshi

BMO Capital Raises Price Target For Computer Modelling Group

BMO Capital analyst John Gibson raised the price target for Computer Modelling Group (TSX:CMG) (OTC:CMDXF) to C$6 from C$5.50.

The analyst maintained the Market Perform rating on CMG’s shares.

Gibson stated that CMG reported in-line Q4 results, as stable North American operations combined with modest upticks Internationally are moving Annuity/Maintenance revenue higher.

The analyst tweaked 2023 estimates higher and increased the target price to reflect ~11x 2023E EV/EBITDA.

Gibsons adds CMG continues to hold many redeeming qualities, including a strong balance sheet and decent yield; however, he believes better risk/reward lies elsewhere.

Price Action: CMG shares are trading lower by 2.93% at C$4.97 on TSX, and CMDXF is lower by 3.66% at $3.88 on the last check Friday.

Photo Via Company

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