In a report published Thursday, Cantor Fitzgerald analyst Tom Liston upgraded the rating on Open Text Corporation OTEX 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in