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Open Text Downgraded to Market Perform at Raymond James

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Open Text (OTEX.TO, OTEX) was downgraded to market perform from outperform at Raymond James.

Analyst Steven Li lowered his price target on shares of the Canadian software company to US$29.50 from US$35 following its quarterly results on Thursday.

"The 4Q beat is less meaningful as OTEX guides conservatively/resets the bar lower every quarter," Li said in a note to clients.

(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

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