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Fly News Breaks for September 20, 2018
RHT
Sep 20, 2018 | 07:24 EDT
Stifel analyst Brad Reback lowered his price target on Red Hat shares to $160 from $172 citing what he sees as heightened uncertainty after the company's reports of "another messy quarter" in Q2. The loss of a top 25 customer to a low cost competitor and changes to an Army project caused overall revenue to fall short of expectations and RHEL growth to decline to 8%, Reback noted. However, he keeps a Buy rating on Red Hat, as Reback believes its strong hybrid-cloud value proposition should allow for low-double digit RHEL growth, mid-teens billings growth, and modest margin expansion in FY20.
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