Piper Jaffray Reiterates Overweight on Red Hat

Piper Jaffray is out with its report today on Red Hat RHT, reiterating Overweight. In its report, Piper Jaffray writes, "Red Hat is the market-leading provider of Linux and open source software and solutions. We believe the open source movement represents a tectonic shift in the way software is developed, licensed, and consumed. Red Hat's early-mover advantage, market share leadership, and execution capability should enable it to grow at two to three times the rate of the broader software industry over a multi-year horizon, in our view." Piper Jaffray maintains a $61 PT on RHT. Shares of RHT closed Tuesday at $39.89, down 1.41% from Monday's close.