Scotiabank downgraded OpenText to Sector Perform from Outperform with a price target of $40, down from $50, in a note published on Friday, May 3. While the company is seeing increasing interest and commitment in its cloud offerings, customers are taking longer to ramp to full value, which leads the firm to slightly lower its cloud growth assumptions and now model just slight total organic growth in FY25, the analyst told investors.
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- OpenText price target lowered to $38.50 from $44 at CIBC
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