Open Text shares are trading lower after BMO Capital downgraded the stock from Outperform to Market Perform and lowered its price target from $50 to $38.
Portfolio Pulse from Benzinga Newsdesk
Open Text shares dropped following a downgrade by BMO Capital from Outperform to Market Perform, with a price target reduction from $50 to $38.
May 03, 2024 | 11:36 am
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NEGATIVE IMPACT
Open Text's stock price is likely to experience short-term pressure following the downgrade by BMO Capital and a significant reduction in its price target.
Analyst ratings and price target adjustments are critical factors influencing investor sentiment and stock prices in the short term. The downgrade from 'Outperform' to 'Market Perform' by a reputable financial institution like BMO Capital, coupled with a significant reduction in the price target from $50 to $38, directly impacts investor confidence in Open Text. This negative sentiment is likely to result in short-term selling pressure on OTEX shares, leading to a decrease in its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100