Wunderlich Securities Reiterates Buy, $65 PT on Open Text; Returns to Acquisitions
Wunderlich Securities remains Buy-rated with a $65 price target on Open Text (NASDAQ: OTEX) as the company's announced acquisition should offset quarterly miss.
Wunderlich Securities says, "Open Text (OTEX) reported March quarter EPS of $1.01 on revenue of $292.3M, below consensus estimates of $1.16/$303.7M. Management attributed the downside to sales execution issues around the company's North American and BPM business segments. The company also announced the acquisition of cloudbased messaging service provider, EasyLink (ESIC-NR), expected to close in mid-late summer and be immediately accretive to the bottom line."
OTEX closed at $53.44 on Tuesday.
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