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Constellation Software Sector Perform Rating, C$4,500 Price Target, Confirmed at National Bank of Canada

BY MT Newswires | ECONOMIC | 10/02/25 12:54 PM EDT

12:54 PM EDT, 10/02/2025 (MT Newswires) -- National Bank of Canada on Wednesday maintained a sector-perform rating and C$4,500 price target on the shares of Constellation Software (CNSWF) after the company hosted a conference call and Q&A to discuss the transition in management from Founder Mark Leonard to new President Mark Miller.

"As covered in our September 25 note, having known Mark Miller since Constellation's IPO, we believe he is extremely capable when it comes to taking on this new role," said analyst Richard Tse. "That said, we also believe part of Constellation's historical premium valuation was due to Mark Leonard."

The bank said that it thinks the market will need to see "continued execution before re-rewarding the stock with that historical premium."

According to the bank, the continuity of Miller is "positive" to building confidence in the management hand-off.

"For now, we're maintaining our Sector Perform rating given the Company remains behind pace in capital deployment relative to our expectations to maintain its mid-teen growth rate," said Tse.

Price: 3868.89, Change: +36.66, Percent Change: +0.96

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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