UPDATE: Credit Suisse Raises PT On Rackspace Hosting On Focus Back On Fundamentals In 2015

In a report published Wednesday, Credit Suisse analyst Sitikantha Panigrahi reiterated an Outperform rating on

, and raised the price target from $45.00 to $57.00. In the report, Credit Suisse noted, “With the distractions of 2014 behind us, we believe that Rackspace will continue to improve execution and investors will focus back on fundamentals in 2015. Rackspace went through management changes, a strategic evaluation process, and pricing pressures from public cloud competitors in 2014. However, Rackspace has now repositioned itself as a niche hybrid cloud vendor with strategies to focus on managed cloud offerings, deliver vertical solutions, and penetrate the enterprise segment, rather than competing with Amazon and Google in public cloud. We feel increasingly confident that the company can successfully execute its strategic vision under the leadership of Taylor Rhodes as CEO. Therefore, we reiterate our Outperform rating and increase our target price from $45 to $57.” Rackspace Hosting closed on Tuesday at $47.04.