UPDATE: Paradigm Capital Upgrades OpenText Corporation to Buy, Raises PT on Valuation, Multiple Catalysts

In a report published Monday, Paradigm Capital analyst Gabriel Leung upgraded the rating on

from Hold to Buy, and raised the price target from $75.00 to $84.00. In the report, Paradigm Capital noted, “We are upgrading OpenText to a Buy (was Hold) due to valuation, along with several potential short and mid-term catalysts, and increasing our target to $84.00 (was $75.00). Since we downgraded OpenText to a Hold in late June, the stock has been relatively flat. Nonetheless, we have decided to upgrade the stock and increase our target price for several reasons.” OpenText Corporation closed on Friday at $70.66.