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Fly News Breaks for May 10, 2016
RAX
May 10, 2016 | 06:49 EDT
As previously reported, Raymond James downgraded Rackspace to Outperform from Strong Buy and lowered its price target to $25 from $28. Analyst Frank Louthan still believes in the long term viability of its offerings and Rackspace's core legacy business, with growing free cash flow, but, his lowered rating reflects an opinion that an outright buyer for the company is scarce and the continued flatter trajectory of the base business.
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