UPDATE: Credit Suisse Upgrades Open Text

In a report released Thursday, Credit Suisse analyst Michael Nemeroff upgraded Open Text (NASDAQ: OTEX) from Neutral to Outperform and raised the price target from $51 to $65.

Analysts at Credit Suisse anticipate growth in year-over-year licensing revenue from the Open Text launch of EIM suite bundled products. Credit Suisse projects the new bundled products to generate operating margins at the high end of Open Text 's range between 28 to 32 percent, influencing the firm's forecast for full year 2015 EPS growth of 15 percent, minimum.

Credit Suisse raised its full year 2015 revenue estimate from $1.914 billion/$3.71 billion to $1.971billion/$3.92 billion. Open Text's $65 target price is given by a projected C2015 P/E multiple of 16.0x.