Barclays lowered the firm’s price target on OpenText (OTEX) to $34 from $36 and keeps an Equal Weight rating on the shares following the “mixed” Q1 report. The firm sees the shares down over the near term following Q1 sales and Q2 guidance below consensus expectations. The company is investing across the organization to drive a reacceleration, but investors will need proof points of improved sales execution before becoming more interested in the name, the analyst tells investors in a research note.
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Read More on OTEX:
- OpenText downgraded to Sector Perform from Outperform at RBC Capital
- OpenText Corporation Reports Strong Cloud Growth Amid Revenue Decline
- OpenText reports Q1 adjusted EPS 93c, consensus 80c
- OTEX Earnings this Week: How Will it Perform?
- OpenText announces strategic partnership with Cork
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