Red Hat (RHT) PT Raised to $200 at Monness, Crespi, Hardt; 'Open Source is Essential in the Age of Digital Disruption'

May 14, 2018 8:32 AM EDT
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Price: $187.71 --0%

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Monness, Crespi, Hardt raised its price target on Red Hat (NYSE: RHT) to $200.00 (from $175.00) while maintaining a Buy rating.

Analyst Brian White commented, "Last week, Red Hat hosted the Red Hat Summit and held its annual Financial Analyst Meeting. The conference made it very clear to us that Red Hat’s influence and mindshare is expanding with leading companies around the world that are in need of an open source platform to remain flexible during this time of digital disruption. Moreover, customers are increasingly tapping into more pieces of the Red Hat portfolio in areas such as OpenShift, OpenStack, Ansible and more. On the back of the Summit, we believe Red Hat is well positioned to experience strong fundamental trends in the coming years and benefit from improved investor sentiment given new pockets of growth that we see on the horizon. As such, we are raising our 12-month price target to $200 from $175."

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