OpenText price target raised to $35 from $30 at RBC Capital

RBC Capital raised the firm’s price target on OpenText (OTEX) to $35 from $30 and keeps a Sector Perform rating on the shares. The firm expects the stock to see an upward valuation re-rating given potential divestitures are likely to help reduce leverage, the company’s organic growth profile likely improving after its divestitures of non-core, declining segments, and appointment of a new CEO and CFO that may help improve investor confidence, the analyst tells investors in a research note.