OpenText price target raised to $35 from $30 at Scotiabank

Scotiabank analyst Kevin Krishnaratne raised the firm’s price target on OpenText (OTEX) to $35 from $30 and keeps a Sector Perform rating on the shares. While the firm is looking forward to the changes in leadership at the company and its evolving mix of assets, Scotiabank reaffirms its rating on the stock, arguing it is awaiting greater clarity and would like to see how early signals of Cloud momentum may translate to better growth trends, the analyst tells investors.