CGI coverage transferred with a Buy at TD Securities

TD Securities transferred coverage of CGI (GIB) to analyst David Kwan, who kept a Buy rating and C$145 price target on the shares. The firm said they believe CGI is “poised to deliver stronger organic growth and margin improvements that should augment its strong free cash flow and balance sheet,” adding that it believes “the pickup in M&A activity could continue, particularly given the attractive M&A environment.”