CIBC Capital Markets adjusted its price target on four stocks ahead of quarterly results for the software and services sector.

Analyst Stephanie Price lowered her price target on CGI Inc. (GIB-A.TO, GIB) to $180 from $183 (Outperform) and on Dye & Durham Ltd. (DND.TO) to $16 from $17 (Outperform).

Price and raised her target on Calian Group Ltd. (CGY.TO) to $59 from $50 (Outperform) and Thomson Reuters Corp. (TRI.TO, TRI) to US$201 from US$174 (Neutral).

"Software stocks under coverage were up an average of 2% in Q2, underperforming the TSX (+8%) amid continued economic uncertainty," the analyst said in a note to clients.

"Estimate revisions continue amid a pause in IT spending, with the Street revising 2025 EBITDA estimates for our coverage down by an average of 5% post Q1," Price said.

"Given the market uncertainty, we expect that Q2 earnings misses will see outsized market reactions."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)