<div id="readability-page-1">02:41 PM EST, 12/15/2025 (MT Newswires) -- CIBC in a note dated Dec. 14 said its top picks in the software sector are Constellation Software ( CNSWF ) , Thomson Reuters ( TMSOF ) , and Docebo ( DCBO ) .CIBC believes that CSU's key drivers remain unchanged post Mark Leonard's retirement and with the stock trading at a near 6 times discount to its two-year EV/EBITDA average, the bank sees it as &#34;attractive at these levels,&#34; analyst Stephanie Price writes.Constellation is rated Outperformer, with a US$5,260 price target at CIBC, which notes CSU's shares have dipped 25% year-to-date.For Thomson Reuters ( TMSOF ), CIBC's Price sees AI-related revenue opportunities, in addition to potential divestiture opportunities. TRI is rated Outperformer with a C$198 price target.Docebo ( DCBO ), which is rated Outperformer, with a US$33 price target, is &#34;attractively&#34; valued at current levels and Price sees upside from the company's recent FEDRamp authorization. The shares have dropped 53% year-to-date.Kinaxis ( KXSCF ) is upgraded to Outperformer from Neutral, with price target lifted by $2, to $203, on increased confidence in the company's growth profile.CGI (GIB-A.TO) has been downgraded to Neutral from Outperformer on the expectation that near-term volatility is likely to continue amid demand uncertainty. Price target has been trimmed to $139 (from $149).Price: 3298.20, Change: +12.81, Percent Change: +0.39 MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

DCBO

汤森路透

CIBC 对 2026 年的软件行业首选包括 Constellation Software、汤森路透和 Docebo，均被评为优于大盘。尽管 Constellation 的年初至今股价下跌了 25%，但仍被视为具有吸引力，目标价为 5,260 美元。汤森路透在人工智能收入方面有机会，目标价为 198 加元。Docebo 在获得 FEDRamp 授权后被认为估值具有吸引力，目标价为 33 美元。Kinaxis 被升级为优于大盘，目标价为 203 美元，而 CGI 因预期波动性被下调至中性，目标价为 139 美元

CIBC 对 2026 年软件行业的首选推荐