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UBS Upgrades Open Text

UBS Financial upgrades Open Text (OTEX) to buy.

Analyst Martin Cecchetto says second-quarter earnings per share on an adjusted basis was 30 cents, at the high-end of guidance. Cash flow from operations was strong at $12 million.

He says third-quarter earnings per share guidance of 24 cents to 28 cents was light, vs. 30 cents consensus, but $108 million to $112 million third-quarter revenue guidance is in line.

Cecchetto says while March guidance from enterprise content management (ECM) vendors has been uninspiring on average, he's a getting more positive indication from system integrators than he was in late 2004.

He notes President and COO John Shackleton is to become CEO in July. He sees $1.11 fiscal 2005 (ending June) adjusted earnings per share and $1.35 fiscal 2006 earnings per share. He ups his $23 target to $25.

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