OpenText CFO departure not negative readthrough, says Jefferies

Jefferies analyst Samad Samana does not view OpenText (OTEX) CFO Chadwick Westlake’s departure as a negative readthrough since the catalyst was the unexpected passing of EQB’s CEO, where Westlake is headed to become CEO. The news is a surprise, but makes sense as Westlake served as CFO of EQB prior to joining OpenText, the analyst tells investors in a research note. Jefferies believes the uncertainty until a CFO is named will create a short-term overhang on the shares. It keeps a Buy rating on OpenText with a $33 price target