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In a report published Wednesday, Benchmark Company analyst Mark W. Schappel upgraded Open Text Corporation (NASDAQ: OTEX) from Hold to Buy, and named an $85.00 price target.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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In the report, Benchmark Company noted, “We are raising our rating on OTEX to Buy from Hold and establishing an $85 price target. We believe this is an appropriate time to reengage the story, since we believe the relatively new management team has been working to fix several strategic issues that, in our view, had prevented OTEX from positioning itself for accelerating top line growth. These issues, which included a broken strategy for the content management market, an over-reliance on M&A to drive top line growth and a tired marketing message have all been addressed in the last few quarters.”
Open Text closed on Tuesday at $67.46.