BUZZ-Open Text Corp: Brokerages cut price targets

Thu May 21, 2015 10:54am EDT
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** Canadian business software maker's U.S.-listed shares down 11.9 pct at $43.19; Canada-listed stock down 13 pct at C$51.94

** U.S-listed stock falls as much as 14 pct to near 18-month low of $42.29; is among top percentage losers on Nasdaq

** At least 9 brokerages cut price targets by as much as $11 to as low as $43; Dundee Capital cuts rating to "hold" from "buy"

** Company forecasts Q4 earnings below average analyst estimate on Wednesday, citing strong dollar

** "Given the accompanying management shake-up, our fear is that things at the company may be worse than it appears," Benchmark analysts write in note

** Of 14 analysts covering stock, 8 have "hold" rating and 6 have "buy" or higher rating; median price target is $54.50

** Up to Wednesday's close, U.S.-listed stock had fallen nearly 16 pct this year, while Canada-listed stock had declined about 12 pct