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Fly News Breaks for June 23, 2016
RHT
Jun 23, 2016 | 08:54 EDT
Needham analyst Scott Zeller says Red Hat reported a "solid" quarter in a tough environment, with first quarter results coming roughly in line with estimates. Additionally, the company reiterated its outlook for fiscal year 2017 on revenue and cash flows, with slight dilution in EPS due to the acquisition of 3scale, the analyst tells investors in a research note. Zeller continues to favor the company given its "consistent" growth drivers of open-source adoption in the data center, as well as Cloud infrastructure build-out projects. He reiterates a Buy rating on the shares.
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