UPDATE: Benchmark Company Upgrades Open Text on Good Entry Point

In a report published Wednesday, Benchmark Company analyst Mark W. Schappel upgraded Open Text Corporation (NASDAQ: OTEX) from Hold to Buy, and named an $85.00 price target.

In the report, Benchmark Company noted, “We are raising our rating on OTEX to Buy from Hold and establishing an $85 price target. We believe this is an appropriate time to reengage the story, since we believe the relatively new management team has been working to fix several strategic issues that, in our view, had prevented OTEX from positioning itself for accelerating top line growth. These issues, which included a broken strategy for the content management market, an over-reliance on M&A to drive top line growth and a tired marketing message have all been addressed in the last few quarters.”

Open Text closed on Tuesday at $67.46.