OpenText price target lowered to $29 from $36 at Barclays

Barclays analyst Raimo Lenschow lowered the firm’s price target on OpenText (OTEX) to $29 from $36 and keeps an Equal Weight rating on the shares as part of a Q1 earnings preview for U.S. software. The firm says Q1 “will unlikely be a major catalyst” for stocks in the sector. Channel checks are “weaker but not a disaster,” but investors will likely focus more on guidance anyway, the analyst tells investors in a research note. Barclays is not sure many management teams will lower numbers meaningfully given Q1 is a small quarter. “This means we will remain in limbo until Q2,” the firm contends.