UPDATE: Stifel Nicolaus Downgrades OpenText Corporation to Hold on Valuation

Stifel Nicolaus downgraded Open Text Corporation

from Buy to Hold and removes the price target of $56.00. Stifel Nicolaus said, "At $60.10, OTEX has rallied nearly 30% since the beginning of August and is now beyond our previous target price of $56. Moreover, we see consensus 2Q estimates as a relatively high bar and see few catalysts to drive our estimates and valuation higher in the short term. We are thus downgrading to a Hold as we await a more attractive entry point. For more details refer to our Canadian Quarterly Update also published today." OpenText Corporation closed at $60.10 on Friday.