Piper Jaffray Reiterates Overweight on Red Hat

Piper Jaffray is out with its report today on Red Hat

, 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.