UPDATE: Credit Suisse Initiates Open Text Corporation at a Neutral Rating

Credit Suisse initiated coverage on Open Text Corporation

at a Neutral rating and a $53 price target. Credit Suisse remarked, “Initiated Coverage of Open Text Corporation with a Neutral Rating and $53 Target Price on July 19: Open Text is the second largest provider of Enterprise Content Management solutions for organizations and a recent entrant into the adjacent business process management (BPM) market. Recent issues integrating the company's two most recent acquisitions, along with new, much lower expectations regarding long-term growth in the BPM market, turn this story into less about growth and more about value in the near term.” Open Text Corporation closed at $47.41 on Friday.