JP Morgan Skeptical on Potential Rackspace/ Century Link Deal; Downgrades Rackspace

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In a note issued Monday morning, JP Morgan downgraded shares of Rackspace Hosting (NYSE: RAX) from Overweight to Neutral due to skepticism that deal with Century Link (NYSE: CTL) will happen.The firm commented, " We believe the risk/reward for RAX is balanced at this level – potential upside as high as $50 if a sale really happens vs. a fall back to the pre-sale level around ~$30 if nothing happens."Amid the downgrade, shares of Rackspace have dropped almost five percent in the early hours of Monday's market session.

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