UPDATE: Cowen Upgrades Rackspace (RAX) to Outperform

June 21, 2013 7:45 AM EDT
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Price: $31.99 --0%

Rating Summary:
    7 Buy, 25 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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(Updated - June 21, 2013 10:18 AM EDT)

Cowen upgraded Rackspace (NYSE: RAX) from Market Perform to Outperform with a price target of $46.00 (unchanged). Analyst Colby Synesael sees more favorable risk/reward and has higher conviction 2014 margins will improve as OpenStack marketing spend declines. Synesael also thinks revenue growth will accelerate from Q1.

For an analyst ratings summary and ratings history on Rackspace click here. For more ratings news on Rackspace click here.

Shares of Rackspace closed at $35.12 yesterday.

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