Nomura Securities Starts Rackspace (RAX) at Neutral

July 19, 2012 5:03 PM 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: 22 | Down: 16 | New: 11
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Nomura Securities initiates coverage on Rackspace (NYSE: RAX) with a Neutral. PT $47.00.

Analyst, Mike McCormack, said, "We are enthusiastic about Rackspace’s differentiated offerings and leading position in the managed hosting and cloud computing market that is growing 20%+ per year. However, we see substantial risks from issues that are likely to arise as the industry grows, including rising competition, reduced pricing power, and standardization of interfaces that could lead to higher customer churn."

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 $43.07 yesterday.

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