Goldman Boosts Price Target on Rackspace (RAX)
Tweet
Share
E-mailGet Alerts RAX Hot Sheet
Price: $31.99 --0%
Rating Summary:
5 Buy, 21 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 22 | New: 8
Rating Summary:
5 Buy, 21 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 22 | New: 8
Join SI Premium – FREE
Goldman Sachs maintained their Neutral rating on Rackspace (NYSE: RAX) but boosted their price target to $64.00 (from $52.00).
Analyst Scott Goldman said "In our view, RAX’s financial performance provided enough to mitigate the bear thesis. While growth further decelerated ahead of the August 1 launch of OpenStack, revenue met expectations driven by a rebound in installed base growth; we estimate the 30 bp improvement, to 1.0%, contributed $2mn to revenue versus last quarter. While we do not view RAX as a near-term margin improvement story, profitability easily surpassed expectations, jumping 170 bps, to 35.1%."
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 $49.30 yesterday.
Analyst Scott Goldman said "In our view, RAX’s financial performance provided enough to mitigate the bear thesis. While growth further decelerated ahead of the August 1 launch of OpenStack, revenue met expectations driven by a rebound in installed base growth; we estimate the 30 bp improvement, to 1.0%, contributed $2mn to revenue versus last quarter. While we do not view RAX as a near-term margin improvement story, profitability easily surpassed expectations, jumping 170 bps, to 35.1%."
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 $49.30 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tractor Supply Company (TSCO) PT Lowered to $33 at UBS
- Beijing Oriental Yuhong (002271:CH) PT Lowered to RMB16.60 at Goldman Sachs
- Susquehanna Downgrades Canadian National Railway (CNI) to Neutral
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS View, Analyst PT ChangeSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
