Scotiabank upgraded OpenText (OTEX) to Outperform from Sector Perform with a price target of $50, up from $35. The firm cites increased conviction” in the company’s content management business for the upgrade. The unit is underappreciated at current share levels and is positioned to benefit from AIgiven OpenText’s leadership in organizing unstructured data from various content sources securely behind the corporate firewall, the analyst tells investors in a research note. Further, Scotiabank believes OpenText’s divestiture of non-core assets in the next few quarters will help highlight it a stronger underlying enterprise software company.
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