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Cowen & Co initiates coverage on Rackspace Hosting (NYSE: RAX) with an Outperform.
Cowen analyst says, "Rackspace Hosting is the #1 provider of managed hosting services. RAX targets the small, medium business (SMB) segment and differentiates its product offerings by providing high-quality, 24 x 7x 365 customer support...With revenues of $362MM in 2007, RAX surpassed AT&T (NYSE: T), Verizon (NYSE: VZ) and Savvis (Nasdaq: SVVS) to be the #1 provider of managed hosting services in the U.S. RAX has grown revenue >50% annually since the company was founded in 1998."
Rackspace Hosting, Inc., formerly Rackspace, Inc. (Rackspace), delivers Websites, Web-based information technology (IT) systems, and computing as a service.
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