Market Overview

UPDATE: Stifel Nicolaus Downgrades OpenText Corporation to Hold on Valuation

Related OTEX
Top 4 Mid-Cap Stocks In The Application Software Industry With The Highest ROE
Top 4 Mid-Cap Stocks In The Application Software Industry With The Highest EPS

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
Nov 2014BarclaysInitiates Coverage onOverweight
Jul 2014Credit SuisseUpgradesNeutralOutperform
Jun 2014CIBCMaintains

View More Analyst Ratings for OTEX
View the Latest Analyst Ratings

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

 

Related Articles (OTEX)

Around the Web, We're Loving...

Get Benzinga's Newsletters