Links points to source tenant updated to target tenant after Sharepoint migration. Some links are updated to target locations, but others are still pointing to source.
Quest On Demand Migration Sharepoint does NOT modify the content of the migrated items.
Link updates performed by Excel when open it first time in target tenant.
Link updates can be reproduced by manually copy a file from source to target. Attached a word document, reproduce it out from On Demand Migration.
The below Microsoft community link provides information:
