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UPDATE: Stifel Nicolaus Downgrades OpenText Corporation to Hold on Valuation

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Mitsubishi UFG Securities Initiates Open Text At Overweight

Stifel Nicolaus downgraded Open Text Corporation (NASDAQ: OTEX) 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.

Latest Ratings for OTEX

DateFirmActionFromTo
Oct 2016Mitsubishi UFJInitiates Coverage OnOverweight
Sep 2016National Bank FinancialInitiates Coverage onOutperform
Sep 2016BMO CapitalUpgradesMarket PerformOutperform

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Posted-In: Stifel NicolausAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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