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UPDATE: Evercore Upgrades Rackspace


Rackspace Hosting, Inc. (NYSE: RAX) was upgraded by Evercore from Hold to Buy late Monday with a $42 price target.

According to Bloomberg, the Evercore analysts cited the company’s valuation and traction in its core business as reasons for the upgrade.

The traction has been the result of a greater emphasis on managed hosting and potential alliances with cloud providers.

Evercore expected Rackspace to gain investor interest if it delivers additional year-over-year revenue growth in 3Q.

Rackspace Hosting, Inc. closed Monday at $33.80, down 1.47 percent.

Latest Ratings for RAX

Nov 2016TerminatesEqual-Weight
Aug 2016DowngradesMarket PerformUnderperform
Aug 2016DowngradesStrong BuyNeutral

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Posted-In: EvercoreUpgrades Price Target Analyst Ratings


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