Open Text Corporation's Q3 Guidance in Focus as CIBC Analyst Cuts Price Target to $37

Open Text Corporation's (NASDAQ:OTEX) price target has been reduced by $3 to $37 from $40 by CIBC analyst Stephanie Price, who maintains a Neutral rating. The company's focus on cloud services and secure information management tied to AI is expected to continue, but the analyst notes that spending on enterprise software can slow and competition remains intense. The company's plan to divest non-core business units, potentially trimming up to 20% of revenue, is aimed at sharpening the company's focus on content that can help train agentic AI systems.