UPDATE: Citi Initiates Red Hat at Buy

Citi is out with its report today on Red Hat RHT, initiating RHT at Buy. In its report, Citi writes, "We are initiating coverage of Red Hat with a Buy rating and $45 price target. We believe continued upside to Street estimates and 20-25% billings growth in FY12 will drive the stock towards our price target, based on 23x EV/FCF. Our billings estimates are above the Street in FY12-13 and we expect FCF growth ahead of billings." Shares of RHT closed Wednesday at $36.58.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Analyst ColorInitiationAnalyst RatingsCitiInformation TechnologySystems Software
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!