07:33 AM EST, 02/11/2025 (MT Newswires) -- Converge Technology Solutions Corp. ( CTSDF ) was upgraded to Buy from Sell at TD Securities on Tuesday.

Analyst David Kwan maintained a price target of $5.50 on shares of the Toronto-based IT service management company.

"Preliminary Q4 results were at the high-end of its guidance range, as indicated last Friday," Kwan said in a note to clients.

"Organic growth remained negative, albeit slightly, but Adjusted EBITDA margins had a strong rebound, likely due to elevated cost optimization activity," the analyst said.

"Ultimately, we think the Q4 results are likely moot, as we believe the acquisition by H.I.G. will soon close (possibly by the end of April)."

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