OpenText price target lowered to $32 from $37 at Citi

Citi analyst Steven Enders lowered the firm’s price target on OpenText to $32 from $37 and keeps a Neutral rating on the shares. The Q1 results were mixed across the application software group, says the firm, which vies the outlooks as “relatively reset today with more of a de-risked view” versus the broader software sector. Citi sees a favorable setup with valuations remaining low across the group.