UBS on Tuesday initiated coverage of Open Text (OTEX.TO, OTEX) with a neutral rating and US$32.00 price target.
"We are launching coverage of Open Text, an Information Management software and services company, with a Neutral rating and a $32 PT. While customer satisfaction appears high with current products, checks point to mostly flat renewals and we're not as confident in the near-term revs growth trajectory. At 14.8x CY25 FCF and 2.5x CY25 Revs for 0 to 1% organic growth, Open Text's valuation looks reasonable but not compelling, and we're comfortable waiting on the sidelines pending more confidence in the growth profile and sales execution," the investment bank noted.
(MT Newswires 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://www.mtnewswires.com/contact-us)
Price: 41.24, Change: -0.88, Percent Change: -2.09
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