CIBC analyst Stephanie Price raised the firm’s price target on OpenText (OTEX) to $40 from $34 and keeps a Neutral rating on the shares. The firm notes that Q1 is typically a seasonally weaker quarter for OpenText, and CIBC is forecasting flat revenue year-over-year versus full-year guidance of 1%-2% growth. The firm will be looking for additional color on OpenText’s planned divestiture of 15%-20% of non-core revenue.
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