Rosenblatt Starts Red Hat (RHT) at Buy
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Rosenblatt initiated coverage on Red Hat (NYSE: RHT) with a Buy rating and a price target of $95.00.
Analyst Marshall Senk commented, "We believe that Red Hat has positioned itself to be the backbone of the Hybrid Cloud – where enterprise architectures span the data center and public and private clouds to maximize the benefits of each platform. Over the past five years, Red Hat has evolved from its place as the leading provider of enterprise Linux to offering a complete open source platform for hybrid cloud computing. Over the course of this market expansion, the company has not only increased its strategic relevance but also its TAM expanding into new areas including middleware, dev ops, storage, virtualization and management. Red Hat is the only platform provider that is both open sourced and spans the complete hybrid cloud approach."
Shares of Red Hat closed at $78.81 yesterday.
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