CIBC lowered the firm’s price target on OpenText to $38.50 from $44 and keeps a Neutral rating on the shares following the company’s “slightly mixed top-line results” and pushing out of its FY26 aspirational targets to FY27 as it noted longer cloud contract ramp-ups. Following the report, the firm is making model adjustments and rolling its valuation year to FY26, the analyst noted.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on OTEX:
- OpenText Reports Q3 F’24 Financial Results
- Open Text Corp. Enhances Portfolio with Strategic Asset Sale
- OpenText Completes Divestiture of Application Modernization and Connectivity (AMC) Business to Rocket Software for $2.275B
- OpenText completes divestiture of AMC business to Rocket Software
- Open Text Corporation (OTEX) Q3 Earnings Cheat Sheet