Jefferies downgrades Open Text to 'hold' rating on uncertainty

** Jefferies downgrades Canada-based software and services provider Open Text OTEX.O to "hold" from "buy" rating, citing uncertainty over the future of the business after leadership transition

** OTEX announced that CEO Mark Barrenechea will no longer serve in his leadership roles, effective immediately

** "OTEX is a large organization with a deep bench, but the lack of a permanent CEO leaves uncertainty around what the long-term strategic direction of the business looks like" - Jefferies

** Brokerage cuts PT to $33, which still represents a 9% upside to stock's last close

** 1 of 13 brokerages rate the stock "buy", 12 "hold"; their median PT is $33 - LSEG data

** As of last close, stock up ~6.7% YTD