Piper Jaffray Reports on Red Hat

Piper Jaffray commented on Hologic RHT in a report released today. In the report, Piper Jaffray was positive in its assessment of the company. Piper Jaffray writes, "We surveyed 50 Red Hat resellers and found that 98% observe Red Hat extending or maintaining its lead over the competition. This strong show of support from major OEMs and ISVs suggests Red Hat's vision and business execution are reaching new heights as it enables customers to prepare their infrastructure for Cloud Computing. The survey also shows that RHEL 6 upgrade activity will peak in Q3 and Q4 of this calendar year, creating an additional near-term tailwind. In combination, the extension of its competitive lead and favorable product cycle should allow Red Hat to break through the $1B revenue run-rate this quarter." Piper Jaffray currently has an Overweight rating on Red Hat and a price target of $57. Shares of RHT closed at $42.91 on Wednesday, down 1.58% from the open.