Piper Jaffray Reiterates Buy Rating on Red Hat (RHT) Following Call

May 15, 2008 8:29 AM EDT
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Price: $74.06 -0.19%

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Piper Jaffray reiterates their Buy rating on Red Hat (NYSE: RHT) following a conference call between Piper Jaffray analysts and Red Hat management.

Analysts highlighted that the recent economic downturn has only had a small effect on Red Hat sales while management also noted that the company has historically performed well in up and down markets. Analysts also believe that Red Hat has undervalued relative growth, and analysts believe that Red Hat is the third fastest growing software business in revenue behind Vmware (NYSE: VMW) and salesforce.com (NYSE: CRM). Piper Jaffray has a $26 price target on Red Hat.

Red Hat is the number one provider of Linux and open source software technology.

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