Goldman Sachs Downgrades Rackspace (RAX) to Neutral On Valuation

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Goldman Sachs downgraded Rackspace (NYSE: RAX) from Buy to Neutral citing valuation as the stock exceeds their $57 price target.

"We remain positive on the opportunity in cloud computing and believe RAX is well positioned among peers, but we are disciplined on price given current valuation," the analyst said.

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 $57.80 yesterday, with a 52 week range of $30.34-$58.66.

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