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UPDATE: Deutsche Bank Lowers PT on Red Hat Following F4Q13 Numbers

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In a report published Thursday, Deutsche Bank analyst Greg Poole reiterated a Hold rating on Red Hat (NYSE: RHT), but slightly lowered the price target from $52.00 to $51.00.

In the report, Poole noted, “Miss on revenue /billings, EPS beat primarily from lower tax rates - RHT reported F4Q13 numbers with $348m in revenues, below street estimates of $350m. EPS of $0.36, beat street estimate of $0.30 (lower tax rates). Billings of $454m (+10% y/y constant currency) came in below street expectations of $474m. Demand trends were spotty as the company experienced softness in federal spending and Japan. Billings were partially impacted by lower prepayments, as larger deals (3 deals >$10m versus none last year) resulted in customers opting to pay over time. Overall, demand momentum slowed in the quarter, but is higher than indicated by the billings growth, as bookings growth exceeded billings. Maintain HOLD & lower PT to $51 from $52.”

Red Hat closed on Wednesday at $49.97.

Latest Ratings for RHT

DateFirmActionFromTo
Mar 2015BarclaysMaintainsOverweight
Mar 2015Cantor FitzgeraldMaintainsBuy
Mar 2015CitigroupMaintainsNeutral

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Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings

 

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