Mizuho Securities Remains Bullish on Red Hat (RHT) Following Strong 1Q
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Rating Summary:
16 Buy, 24 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Mizuho Securities reiterated a Buy rating and $88.00 price target on Red Hat (NYSE: RHT) following the company's 1Q earnings report. Revenue of $568mm was above consensus estimates and the upper-end of guidance. EPS of $0.50 was in-line with consensus. Results were driven by consistent growth in infrastructure as well as continued strength in the company's app development offerings.
Analyst Abhey Lamba commented, "Red Hat's results came in largely ahead of consensus but expectations had run up going into the print. Revenue beat consensus while EPS was in-line. For billings, the company posted ~20% growth in s-t billings, which we believe is a true reflection of its business momentum. While management reiterated the fullyear forecast, we believe there could be upside to its outlook. We see attractive risk/reward at current levels and we believe continued momentum in underlying business is likely to help the stock perform. Reiterating Buy rating and $88 PT."
For an analyst ratings summary and ratings history on Red Hat click here. For more ratings news on Red Hat click here.
Shares of Red Hat closed at $79.75 yesterday.
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