UPDATE: Cantor Fitzgerald Upgrades Open Text to Buy Following Q3/F13 Results

In a report published Thursday, Cantor Fitzgerald analyst Tom Liston upgraded the rating on Open Text Corporation

from Hold to Buy, and raised the price target from $60.00 to $68.00. In the report, Liston noted, “We are impressed by the favourable financial results (license revenue growth and strong cash flow) and recently announced dividend. License revenue, our primary indicator of future health, was up 13% YoY. This is significantly higher than the declines in the previous four quarters and the meagre peer group growth rate of 2.3%. Cash flow from operations was a record $116.8 million and the TTM CFFO was a record $333.1 million. Lastly, the board has declared a quarterly dividend of $0.30 based on the company's consistent and growing cash flow. The dividend expands the universe of potential investors and we expect that it will be well received.” Open Text Corporation closed on Wednesday at $56.26.