UPDATE: Cantor Fitzgerald Initiates Open Text at Hold on Macro Headwinds

Cantor Fitzgerald initiated coverage on Open Text

with a Hold rating and a $56 price target. Cantor Fitzgerald said, "We are initiating coverage of Open Text, a leading provider of software that allows companies to organize and manage their content. The company is focused more on organic growth with the arrival of new CEO Mark Barrenechea. While a positive move, we anticipate macro headwinds could delay the return on these investments." Open Text closed at $136.88 on Monday.