Credit Suisse Lowers Q4 Estimates for Red Hat, Inc. Due To FX Headwinds

In a report published Monday, Credit Suisse analyst Sitikantha Panigrahi reiterated an Outperform rating and $75.00 price target on

. In the report, Credit Suisse noted, "Red Hat is scheduled to report February quarter results on Wednesday, March 25 after the market close. Despite a tough year-over-year comparison, we believe that Red Hat was able to exceed the company's sales targets in constant currency in fiscal Q4, driven by continued demand for Red Hat Linux and increasing penetration of emerging technologies, such as OpenShift and storage software, into its installed base. Based on our channel survey, 82% of the distributors and resellers reported an increase in new sales versus 73% who expected an increase at the beginning of the quarter." Red Hat, Inc. closed on Friday at $69.50.