OpenText price target lowered to $34 from $36 at Barclays

Barclays lowered the firm’s price target on OpenText (OTEX) to $34 from $36 and keeps an Equal Weight rating on the shares following the “mixed” Q1 report. The firm sees the shares down over the near term following Q1 sales and Q2 guidance below consensus expectations. The company is investing across the organization to drive a reacceleration, but investors will need proof points of improved sales execution before becoming more interested in the name, the analyst tells investors in a research note.