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UPDATE: Stifel Nicolaus Reduces PT to $56 on OpenText on Weak License Sales

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Stifel Nicolaus reiterated its Buy rating on OpenText (NASDAQ: OTEX) but reduced its price target from $60 to $56.

Stifel Nicolaus commented, "OpenText reported disappointing license performance, driven (yet again) by both internal execution issues and continued macroeconomic factors. In addition to difficulties closing European deals and North American government-related deals in the last two weeks of the quarter, OpenText continues to experience sales execution issues as it reorganizes its sales force. As a result, large deals were light in 1Q."

OpenText closed at $53.55 on Wednesday.

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