UPDATE: Raymond James Reiterates Outperform Rating, Raises PT on Open Text

In a report published Friday, Raymond James Financial reiterated its Outperform rating on Open Text

, and raised its price target from $67.00 to $72.00. Raymond James noted, “Open Text reported F4Q12 results of $306 mln/$1.17 EPS, more or less in-line with consensus of $309 mln/$1.16 EPS. License sales of $78 mln were slightly ahead of consensus of $77 mln. We reiterate our Outperform rating. We are raising our target price to $72.00 reflecting 14x (unchanged) C2013 EPS, which now includes EasyLink – at a discount to software peers given license revenue growth challenges. OTEX in-line 4Q report should bring a sigh of relief. License revenues did decline organically (5% by our estimate excluding the FX headwind) but it could have been worse given the difficult business climate and sales transition.” Open Text closed on Thursday at $49.90.