RBC Capital Markets raised its price target on CGI Inc. (GIB-A.TO, GIB) to $192 from $178.
Analyst Paul Treiber maintained an Outperform rating on shares of the Canadian information technology consulting and software development.
"CGI reported fiscal Q1 (Dec-quarter) largely in line with consensus," Treiber said in a note to clients.
"While organic growth was below expectations, M&A is likely to more than offset the softness," the analyst said.
"Due to contribution from acquisitions, we are slightly increasing our adjusted EPS estimates. Q1 further validates CGI's model for value creation, in that healthy FCF enables M&A, which drives the majority of growth."
(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)
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