BofA/Merrill Lynch Downgrades Red Hat (RHT) to Underperform
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BofA/Merrill Lynch downgraded Red Hat (NYSE: RHT) from Neutral to Underperform with a price target of $115.00.
Analyst Kash Rangan cites valuation for the downgrade noting total billings growth ratio has been 1x on average for the past 7 years. The analyst still likes the LT vision but fears margin leverage will like be muted in the near-to-mid term as the company undergoes investment.
Shares of Red Hat closed at $122.13 yesterday.
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