Piper Jaffray Starts Red Hat (RHT) at Buy
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Piper Jaffray initiates coverage on Red Hat (NYSE: RHT) with a Buy rating and $26 price target, saying the company should benefit from global adoption of open source technologies.
The firm said, "Red Hat is the global leader in open source software, and we expect the company to grow revenue and earnings at a very healthy 20-25% rate as global adoption of open source technologies expands."
The firm also said RHT has the potential to become the low-cost producer in the software industry. The also said the company's JBoss division is rebounding strongly and investor sentiment is low. [LJ]
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