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Fly News Breaks for May 5, 2015
RAX
May 5, 2015 | 09:10 EDT
Wells Fargo increased its price target on Rackspace after conducting a sum of the parts valuation analysis on the company. The firm says that it applied a peer group multiple to Rackspace's services business and valued its commodity Infrastructure-as-Service segment at 1.0x book value, yielding a $67 per share valuation for the company. Wells reiterates an Outperform rating on Rackspace.
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