Constellation Software price target raised to C$5,850 from C$5,350 at Jefferies

Jefferies raised the firm’s price target on Constellation Software (CNSWF) to C$5,850 from C$5,350 and keeps a Buy rating on the shares. Management’s commentary during the company’s annual shareholder meeting reinforced Jefferies views that there is “a long runway for small VMS tuck-ins” and management “will supplement these transactions with the occasional larger VMS deal.” The discussions gave the firm “greater confidence” in Constellation’s ability to continue scaling its decentralized M&A framework long term.