Drexel Hamilton Raises Price target on Red Hat (RHT) Following a Strong 4Q Showing
Drexel Hamilton reiterated a Buy rating on Red Hat (NYSE: RHT), and raised the price target to $105.00 (from $98.00), following the company's 4Q earnings report. Red Hat reported sales of $543.5 million, exceeding Street estimates of $537.5 million. Pro forma EPS of $0.52 beat the Street's projection of $0.47, with a tax benefit that added ~$0.04 to EPS.
Analyst Brian White commented, "Red Hat delivered another memorable quarter with better than expected key financial metrics and a strong outlook. As such, we are increasing our estimates and raising our 12-month price target to $105.00 (from $98.00)."
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Shares of Red Hat closed at $75.71 yesterday.