CGI Group will outperform the market, this analyst says

National Bank Financial analyst Richard Tse reiterated his “Outperform” rating and C$185.00 price target on CGI (CGI Stock Quote, Chart, News, Analysts, Financials TSX:GIB.A) following a lunch meeting with senior management, saying the discussion reinforced his view of the company’s positioning and growth outlook.

On Nov. 13, Tse said he and investors met with President and CEO François Boulanger, CTO Dave Henderson, and Senior Vice President Christina Fung, who leads CGI’s Global AI Enablement Center of Excellence.

The session, held shortly after a similar investor event in September, covered the macro backdrop, artificial intelligence initiatives, acquisition strategy, and the company’s U.S. federal business.

Tse said nothing in the meeting altered his core investment thesis.

“We continue to believe the Company is well positioned to drive shareholder value primarily through acquisitions and organic growth optionality (when) the broad macro environment improves,” he said.

Montreal-based CGI is Canada’s largest technology company, employing about 90,000 people worldwide and providing IT consulting, systems integration, and outsourcing services across North America, Europe, and India.

For fiscal 2026, Tse is forecasting Adjusted EBITDA of $3.40-billion on revenue of $16.68-billion.

The analyst said he remains constructive on CGI’s margin expansion prospects and its ability to continue using M&A to build scale and extend its global footprint.

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