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Open Text Surges

Shares are up more than 20% a day after its quarterly report.

SAN FRANCISCO -- Open Text (OTEX) - Get Open Text Corporation Report went sailing Friday after a strong quarterly report earned it an analyst upgrade.

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


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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.