UPDATE: Versant Partners Upgrades Open Text Corporation to Buy, Raises PT

In a report published Monday, Versant Partners upgraded its rating on Open Text Corporation (NASDAQ: OTEX) from Neutral to Buy, and raised its price target from $60.00 to $65.00.

Versant Partners noted, “The tone of this quarter's results was significantly more positive. We are particularly encouraged by management's decision to focus on leveraging the current infrastructure to grow organic licence revenue. The fundamentals include: 1) sales force expansion; 2) market expansion; and 3) partner channel expansion. Our main critique for the company is lack of balance from organic versus acquired growth. A shift towards organic growth will lead to multiple expansion.”

Open Text Corporation closed on Friday at $49.50.

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