OpenText price target lowered to $50 from $60 at National Bank

National Bank analyst Richard Tse lowered the firm’s price target on OpenText to $50 from $60 and keeps an Outperform rating on the shares post the fiscal Q3 repport. The company’s updated outlook suggests the former outlook after adjusting for the divestiture is lower by approximately $50M – $80M in adjusted EBITDA, the analyst tells investors in a research note. The firm believes the shortfall will likely cause a negative short-term pullback in the name. It sees this as an attractive entry point, creating a “compelling valuation.”