CIBC Downgrades Softchoice (TSE:SFTC) to Tender

Softchoice (TSE:SFTC) was downgraded by equities researchers at CIBC from a “neutral” rating to a “tender” rating in a note issued to investors on Thursday,BayStreet.CA reports. They currently have a C$24.50 target price on the stock, up from their previous target price of C$23.00. CIBC’s price target suggests a potential upside of 1.16% from the company’s previous close.

Several other equities research analysts have also recently commented on the stock. Cormark boosted their price target on shares of Softchoice from C$24.00 to C$25.50 in a research report on Monday, November 11th. National Bankshares lowered shares of Softchoice from an “outperform” rating to a “tender” rating and increased their target price for the company from C$23.00 to C$24.50 in a research note on Thursday. Finally, Scotiabank raised Softchoice from a “sector perform” rating to an “outperform” rating and upped their price target for the company from C$20.00 to C$24.00 in a report on Tuesday, November 12th. One investment analyst has rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$23.67.

Softchoice Price Performance

Shares of TSE SFTC traded down C$0.02 during mid-day trading on Thursday, reaching C$24.22. 291,969 shares of the company traded hands, compared to its average volume of 25,387. The firm has a market cap of C$1.46 billion, a PE ratio of 26.91 and a beta of -0.14. Softchoice has a fifty-two week low of C$15.06 and a fifty-two week high of C$24.45. The stock has a fifty day simple moving average of C$22.25 and a 200-day simple moving average of C$19.49.

About Softchoice

Softchoice Corporation designs, procures, implements, and manages information technology (IT) solutions in Canada and the United States. The company offers cloud and data center solutions, such as data center and application modernization; collaboration and digital workplace solutions comprising secure access, and adoption and change management; IT asset management solutions, including software and hardware asset management solutions, and IT procurement services; network and security support solutions.