Jefferies Downgrades Rackspace (RAX) to Hold

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Jefferies downgraded Rackspace (NYSE: RAX) from Buy to Hold with a price target of $54.00 (from $64.00).

The firm comments, "Although we remain positive on the long term hosting/cloud opportunity, we believe in the near-term, Rackspace's growth could modestly slow down as it migrates to the OpenStack platform. Consequently, as a trade we recommend staying on the sidelines over the next several months. "

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 $47.02 yesterday, with a 52 week range of $30.34-$60.55.

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