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Fly News Breaks for September 17, 2018
RHT
Sep 17, 2018 | 06:57 EDT
RBC Capital analyst Matthew Hedberg lowered his price target on Red Hat to $169 ahead of its earnings this week, saying Q2 is unlikely to be an "inflection-type quarter" and does not expect "improvement in middleware billings quite yet". The analyst notes that based on his checks, he stands behind his Q2 billings forecast of $767M vs. $782.5M consensus. He also believes however that Q3 and Q4 will be better from U.S. federal spending demand and "December budget flush" factors respectively. Hedberg keeps his Red Hat rating at Outperform over the long term and remains positive on the company's "position as an enabler of hybrid-cloud workload".
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