After meeting with management, William Blair analyst Jason Ader sees a growing disconnect between the underlying fundamentals of Red Hat's business and investor sentiment. The analyst attributes the recent weakness in the stock to uncertainty around the impact of the public cloud and a lack of measurable returns on the company's multiyear investments in emerging products. On both of these points, management's message was "emphatically bullish," Ader tells investors in a research note. Red Hat's strategic positioning looks "firmly intact" and management seems aware of the need for greater disclosure that could shift the narrative, the analyst contends. He believes the setup offers a "unique and compelling opportunity" for investors. Ader keeps an Outperform rating on Red Hat.