Red Hat (RHAT) Lower on Talk Oracle (ORCL) to Introduce Linux-Based Software Stack
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Shares of Red Hat Inc. (Nasdaq: RHAT) are lower today on comments from Jefferies that Oracle (Nasdaq: ORCL) might be introducing a Linux-based stack.
Analyst Katherine Egbert said, "Separate from yesterday's event, it seems that Oracle is getting close to introducing its own software stack. We have heard that Ubuntu Linux is currently working to certify its recently introduced server OS to all of Oracle's major products, including database and middleware. While a Linux-related announcement by Oracle is likely to pressure RHAT stock, we do not think market share gains by Oracle will be automatic."
The firm cut their price target from $24 to $21, maintaining a Hold rating.
Shares of Red Hat are 6.6% lower today to $20.06 in mid-day action.
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