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UPDATE: PI Financial Downgrades Open Text to Neutral on Lower License Revenues

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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 2017CitigroupInitiates Coverage OnNeutral
Jan 2017BarclaysReinstatesOverweight
Oct 2016Mitsubishi UFJInitiates Coverage OnOverweight

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Posted-In: PI FinancialAnalyst Color Downgrades Intraday Update Analyst Ratings


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