Piper Jaffray Reiterates an 'Overweight' on Red Hat (RHT); Raises PT to $34

December 15, 2009 7:11 AM EST
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Price: $73.36 --0%

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Piper Jaffray reiterates an Overweight rating on Red Hat (NYSE: RHT), raises price target from $29 to $34.

Piper anlayst says, "Recent conversations with 40 Red Hat industry contacts point to an improved operating environment, an ongoing acceleration in the pace of Unix-to-Linux migrations, and Q3 results essentially inline with plan. We continue to see longer term catalysts for outperformance based upon the recently introduced virtualization products (RHEV), upsell to the premium priced Advanced Platform, adoption of cloud computing, and broadening awareness of open source offerings...We believe Red Hat will meet or exceed the consensus expectations for Q3 ($188M revenue & $0.16 EPS), and that our FY10 forecast carries an upward bias."

To see all the upgrades/downgrades on shares of RHT, visit our Analyst Ratings page.

Red Hat Inc.(Red Hat) is engaged in providing open source software solutions to the enterprise, including its core enterprise operating system platform, Red Hat Enterprise Linux, its enterprise middleware platform, JBoss Enterprise Middleware, its virtualization solutions and other Red Hat enterprise technologies.

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