Shares in the Waterloo, Ontario, enterprise software company were up $4.65, or 23.1%, to $24.77 in midday trading.
Kaufman Bros. analyst Barbara Coffey raised the stock to a buy, from hold, after executives reported large deals in the quarter with software makers
She also lifted her price target to $27 from $23. Kaufman makes a market in Open Text.
The company did not provide guidance. Analysts polled by Thomson Financial are expecting EPS, excluding items, of 36 cents for the second quarter of fiscal 2008.