Rackspace Technology soars as Raymond James upgrades stock to 'outperform'

BIOSENTA

19/09/2023 16:14

** Shares of cloud tech provider Rackspace Technology
 RXT.O  rise 36.5% to $2.02
    ** Brokerage Raymond James raises RXT stock rating to
'outperform' from 'market perform' with a PT of $3.5, believes
outlook will steadily improve
    ** "We believe management adjustments are taking hold and
will push the company back toward previous levels of revenue and
EBITDA in the next 12-18 months"- Raymond James on RXT
    ** Brokerage expects new bookings to contribute to RXT's
growth over the next 12 months, benefiting from the new
leadership of co's private cloud business
    ** Including session's gains, stock down ~37.3% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))