OpenText price target lowered to $27 from $30 at RBC Capital

RBC Capital lowered the firm’s price target on OpenText (OTEX) to $27 from $30 and keeps a Sector Perform rating on the shares. The company’s Q3 revenue was in line with OpenText’s pre-announcement, while its Cloud revenue, bookings and profitability were better than expected, the analyst tells investors in a research note. RBC adds however that investor sentiment is likely to remain soft, pending stronger organic growth.