Mizuho Securities Remains Bullish Ahead of Red Hat's (RHT) 2Q Report
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Mizuho Securities maintained a Buy rating and $88.00 price target on Red Hat (NYSE: RHT) ahead of the company's 2Q earnings report. Results are expected to come in with revenue around $590-595mm vs. consensus of $590mm and guidance of $587-593mm. EPS is likely to come in-line to slightly better than consensus and guidance of $0.54
Analyst Abhey Lamba commented, "Red Hat reports F2Q17 results on September 21 after market close. We expect results to come in above consensus on P&L metrics, however, billings could print in-line to slightly below due to the company's business becoming more seasonal. For full-year, we expect management to reiterate its current forecast. While the stock has underperformed YTD, we remain positive given ongoing momentum behind its solutions, compelling valuation, historical outperformance in C4Q, and potential upside to estimates due to conservative guidance. Reiterate Buy rating and $88 PT."
Shares of Red Hat closed at $72.42 yesterday.
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