Buy Red Hat (RHT) on Any Weakness into Analyst Meeting - Citi
Tweet Send to a Friend
Get Alerts RHT Hot Sheet
Price: $49.36 -1.32%
Rating Summary:
12 Buy, 12 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
12 Buy, 12 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade RHT Now!
After the market closed Wednesday, enterprise software provider Red Hat (NYSE: RHT) reported first-quarter numbers, showing a beat on the top- and bottom-lines, but guidance that came in a little light for investors' tastes.
First-quarter EPS was 30 cents, besting views by 3 pennies. For its second quarter, Red Hat is modeling EPS of 28 cents to 29 cents and revs of $320 million to $322 million, a surprisingly tight range by all accounts. The Street is looking for EPS of 29 cents and revs of $330.8 million, which is 2.7 percent above Red Hat's upper-end estimate.
The stock is down 10.5 percent ahead of the bell Thursday, but Citi thinks investors should buy shares on any weakness.
Red Hat is scheduled for an Analyst Meeting on June 27th. Into that meeting, Citi thinks there will be plenty of data supporting the underlying drivers for Red Hat's story
Citi currently rates Red Hat at Buy, with a price target of $68. The firm boosted its price target on March 29th, following the company's fourth-quarter numbers.
For more ratings on Red Hat, click here.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
First-quarter EPS was 30 cents, besting views by 3 pennies. For its second quarter, Red Hat is modeling EPS of 28 cents to 29 cents and revs of $320 million to $322 million, a surprisingly tight range by all accounts. The Street is looking for EPS of 29 cents and revs of $330.8 million, which is 2.7 percent above Red Hat's upper-end estimate.
The stock is down 10.5 percent ahead of the bell Thursday, but Citi thinks investors should buy shares on any weakness.
Red Hat is scheduled for an Analyst Meeting on June 27th. Into that meeting, Citi thinks there will be plenty of data supporting the underlying drivers for Red Hat's story
Citi currently rates Red Hat at Buy, with a price target of $68. The firm boosted its price target on March 29th, following the company's fourth-quarter numbers.
For more ratings on Red Hat, click here.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Deutsche Bank Upgrades Seagate (STX) to Buy; Sanmina (SANM) Cut to Sell, Flextronics (FLEX) & Fabrinet (FN) Cut to Hold
- UPDATE: JPMorgan Cuts SodaStream (SODA) to Neutral, 'Stock No Longer Cheap'
- Wedbush Upgrades Pacific Sunwear of California (PSUN) to Neutral
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Citi, Earnings
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
