Oppenheimer Initiates a Buy Rating on Rackspace Technology (RXT)

Rackspace Technology (RXT) received a Buy rating and a $28.00 price target from Oppenheimer analyst Timothy Horan today. The company’s shares closed last Monday at $19.97.

According to TipRanks.com, Horan is a 5-star analyst with an average return of 21.2% and a 71.3% success rate. Horan covers the Technology sector, focusing on stocks such as Lumen Technologies, Boingo Wireless, and Digital Turbine.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Rackspace Technology with a $27.40 average price target, a 43.8% upside from current levels. In a report issued on January 13, Citigroup also maintained a Buy rating on the stock with a $28.00 price target.

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Rackspace Technology’s market cap is currently $3.82B and has a P/E ratio of -3.60. The company has a Price to Book ratio of -1.26.

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Rackspace Technology Inc is an end-to-end multicloud technology services company. It designs, builds and operates its customers’ cloud environments across all technology platforms, irrespective of technology stack or deployment model. The company’s solutions include Application Services; Data; Colocation; Managed Cloud; Managed Hosting; Professional Services; and Security & Compliance. It operates in three reportable segments Multicloud Services; Apps & Cross Platform; and OpenStack Public Cloud. It generates revenue through the sale of consumption-based contracts for its services offerings and from the sale of professional services related to designing and building customer solution.

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