Wedbush Initiates Coverage on Open Text (OTEX) with a Neutral; Near-Term Execution Risks
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Wedbush initiates coverage on Open Text (Nasdaq: OTEX) with a Neutral rating. Price target $42.
Wedbush analyst says, "Given the market consolidation and OTEX’s broadening product portfolio, we believe OTEX is positioned to gain market share. With the final two other pure-play vendors acquired (Interwoven by Autonomy and Vignette by OTEX), we believe OTEX (13% share) carries a more dominant competitive position in a $4.2b market growing at a 6.5% CAGR over the next five years, positioning them to take greater share from smaller vendors (40%+ share) and larger players IBM (NYSE: IBM) (19% share) and EMC (11% share)...Its unique reseller partnership with SAP AG (NYSE: SAP) should create meaningful sales leverage into an underpenetrated installed base...That said, we believe OTEX faces near-term execution risks that could pressure organic revenue growth."
To see all the upgrades/downgrades on shares of OTEX, visit our Analyst Ratings page.
Open Text Corporation develops, markets, sells, licenses, and supports Enterprise Content Management (ECM) solutions primarily in North America and Europe.
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