Red Hat (RHT) PT Raised to $120 at Wells Fargo Ahead of 2Q Earnings Announcement; 'Expecting Another Strong Quarter'

Wells Fargo raised its price target on Red Hat (NYSE: RHT) to $120.00 (from $115.00) while maintaining a Outperform rating, ahead of the company's second quarter announcement on September 25th.

Analyst Siti Panigrahi notes a positive outlook ahead of the company's second quarter earnings report, citing the recent momentum of large deals, the increasing uptake of its emerging technologies, and FX tailwinds, while suggesting expect management to raise cash flow guidance for FY2018.

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