National Bank last night upgraded OpenText (OTEX) to Outperform from Sector Perform with a price target of $45, up from $34, after hosting investor meetings with management. The firm sees a “renewed investment opportunity in what had been an orphaned name.” OpenText’s next six months will be rush in catalysts, bringing renewed attention to the shares while making it a “compelling and easier to understand, developing growth story,” the analyst tells investors in a research note. The firm says OpenText is a “quietly developing” artificial intelligence play.
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