Open Text ( (TSE:OTEX) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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OpenText shares came under pressure after TD Securities lowered its stance on the stock, warning that weaker valuations across comparable software companies could weigh on sentiment. In a transfer of analyst coverage, TD Securities cut its price target on OpenText to $28 from $40 while maintaining a Hold rating. The firm said investors are now focused on whether OpenText can re-accelerate organic growth in the second half of the year and deliver progress on selling non-core assets, developments that could be key to reviving the share price.
More about Open Text
YTD Price Performance: -21.64%
Average Trading Volume: 1,156,826
Technical Sentiment Signal: Strong Sell
Current Market Cap: $6.43B
For further insights into OTEX stock on TipRanks’ Stock Analysis page.
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