UPDATE: PI Financial Downgrades Open Text to Neutral on Lower License Revenues
PI Financial lowered its rating on Open Text (NASDAQ: OTEX) from Buy to Hold and reduced its price target from $70 to $60.
PI Financial commented, "License revenue was disappointing for the quarter with a decline of 14% to $55.7M compared to $65.0M in the same quarter last year. The decline in license revenue was attributable to the slowdown in Europe and lower government-related sales in North America. Lower license revenue can negatively impact future maintenance and professional services revenue. OpenText closed the EasyLink acquisition at the beginning of July for approximately $310M."
Open Text closed at $53.95 on Wednesday.
Latest Ratings for OTEX
|Feb 2017||Citigroup||Initiates Coverage On||Neutral|
|Oct 2016||Mitsubishi UFJ||Initiates Coverage On||Overweight|
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