Credit Suisse Upgrades Open Text Corporation to Outperform

In a report released Thursday, Credit Suisse analyst Michael Nemeroff upgrades Open Text Corporation

from Neutral to Outperform and raises target price from $51 to $65. Analyst at Credit Suisse anticipate growth in year-over-year license revenue from the Open Text launch of EIM suite bundled products, Credit Suisse projects the new bundled products to generate operating margins at the high end of Open Text 's range between 28 to 32 percent, influencing Credit Suisse's forecast for full year 2015 EPS growth of 15 percent plus, minimum. Credit Suisse raises its full year 2015 revenue estimate from $1.914 billion/$3.71 billion to $1.971billion/$3.92 billion. Open Text's $65 target price is given by a projected C2015 P/E multiple of 16.0x.