Raymond James Upgrades Rackspace Technology Inc. (RXT) to Outperform 'on Turnaround Traction'

Raymond James analyst Frank Louthan upgraded Rackspace Technology Inc. (NASDAQ: RXT) from Market Perform to Outperform with a price target of $3.50.

The analyst comments "We are raising our rating on shares of Rackspace to Outperform from Market Perform. In the last 12 months, the management team has changed over, reorganized the business, and changed its strategic direction. These changes are still in motion, but we believe the adjustments are taking hold and will push the company back toward previous levels of revenue and EBITDA in the next 12-18 months. We believe the outlook will steadily improve, and while there may be some bumps, the improvements will become obvious to investors and push the stock higher. As such, we are taking the rating to Outperform with a $3.50 price target."

For an analyst ratings summary and ratings history on Rackspace Technology Inc. click here. For more ratings news on Rackspace Technology Inc. click here.

Shares of Rackspace Technology Inc. closed at $1.48 yesterday.

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