MUFG analyst Stephen Bersey lowered his price target on OpenText to $47 after its Q3 results, saying the earnings miss was likely driven by the push forward of certain license deals into Q2 given that license revenue undershot estimates by about $30M. Despite the miss, Bersey recommends the stock over the longer term and keeps his Overweight rating, noting that the company has "aligned itself with high growth markets", and its FY21 targets underscore its "confidence in operations". In afterhours trading, OpenText shares were down 9.8% at $33 per share.