OpenText price target lowered to $33 from $35 at Jefferies

Jefferies lowered the firm’s price target on OpenText (OTEX) to $33 from $35 and keeps a Buy rating on the shares after fiscal Q3 revenue missed expectations by 2% and the company guided the FY25 revenue mid-point down 2%. Management attributed weakness to tariff-related pushouts in March, which drove a cloud bookings decline of 8% year-over-year and an FY25 guide down to 10%-15% year-over-year growth, notes the analyst, who believes stabilization in the business and clarity on FY26 will be “needed to drive shares higher.”