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Fly News Breaks for June 22, 2018
RHT
Jun 22, 2018 | 07:59 EDT
While Stifel analyst Brad Reback said the magnitude of the after-hours selloff in Red Hat shares shouldn't be surprising given the run-up in the stock this year and the company's weaker than expected billings, but he cautions investors against reading too much into the billings miss as he believes the overall health of the business remains intact. The company's positioning should help Red Hat sustain low-double digit RHEL growth, mid-teens billings growth and modest margin expansion in FY20, said Reback, who keeps a Buy rating and $172 price target on the stock.
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