Benchmark Upgrades Open Text (OTEX) to Hold; Valuation Call
Tweet
Share
E-mailGet Alerts OTEX Hot Sheet
Price: $24.54 -1.37%
Rating Summary:
9 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
9 Buy, 12 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Benchmark upgraded Open Text (NASDAQ: OTEX) from Sell to Hold.
Benchmark analyst says, "We are raising our rating on OTEX to Hold as we believe the recent sell-off in the stock limits further near-term downside risk. OTEX’s shares have fallen 27% from their 52-week high set in mid-July, are down 21% since our April 28 downgrade and have broken through our (former) $52 price target."
"Though we still remain concerned by a number of issues facing the Company — including increasing execution risk, relatively high US government and financial services exposure, an aging multiple-moving parts product line and sub-par organic revenue growth, we believe the risk/reward profile is now more appropriately balanced and we see limited further downside in the shares."
For more ratings news on Open Text click here and for the rating history of Open Text click here.
Shares of Open Text closed at $50.88 yesterday.
Benchmark analyst says, "We are raising our rating on OTEX to Hold as we believe the recent sell-off in the stock limits further near-term downside risk. OTEX’s shares have fallen 27% from their 52-week high set in mid-July, are down 21% since our April 28 downgrade and have broken through our (former) $52 price target."
"Though we still remain concerned by a number of issues facing the Company — including increasing execution risk, relatively high US government and financial services exposure, an aging multiple-moving parts product line and sub-par organic revenue growth, we believe the risk/reward profile is now more appropriately balanced and we see limited further downside in the shares."
For more ratings news on Open Text click here and for the rating history of Open Text click here.
Shares of Open Text closed at $50.88 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Freedom Broker Upgrades Serve Robotics (SERV) to Buy
- Freedom Broker Upgrades Lifeway Foods (LWAY) to Buy
- Desjardins Upgrades PRO REIT (PRV-U:CN) to Buy
Create E-mail Alert Related Categories
UpgradesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
