Needham & Company Starts Red Hat (RHT) at Buy

Needham & Company analyst Jack Andrews initiates coverage on Red Hat (NYSE: RHT) with a Buy rating and a price target of $183.00.

The analyst commented, "We are initiating coverage of RedHat (RHT) with a BUY recommendation and a price target of $183. RHT is a provider of open-source software that uses a community-driven approach to deliver enterprise-grade operating systems, virtualization, management, middleware, and cloud technologies. Although RHT’s offerings have historically favored the client-server model, the current portfolio is an expansion to cloud-native architectures within the enterprise. Recent industry surveys of enterprises suggest that hybrid cloud enablement is their top priority, but only 51% currently deploy a hybrid cloud strategy. RHT delivers solutions that enable the entire hybrid cloud stack, from the infrastructure to the application layer, and we see it as poised to benefit from the expansion of hybrid cloud strategies."

For an analyst ratings summary and ratings history on Red Hat click here. For more ratings news on Red Hat click here.

Shares of Red Hat closed at $120.12 yesterday.

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