RXT - Why Rackspace Technology Stock Popped Today
Shares of Rackspace Technology (NASDAQ: RXT) have popped today, up by 12% as of 12:30 p.m. EST, after the Oppenheimer initiated coverage on the stock with an outperform rating alongside a price target of $28, which represents over 40% upside from yesterday's close. The company separately said that it was refinancing some debt.
Analyst Timothy Horan is bullish on Rackspace as a pure-play way to invest in enterprise public cloud adoption. The technology specialist offers a multicloud service that supports all three of the major public cloud infrastructure providers. Companies need to shift to cloud-native operations or risk major disruptions to their businesses, in the analyst's view. That process can be complex and expensive, but Rackspace helps provide guidance to enterprise customers.
Image source: Rackspace Technology.
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Why Rackspace Technology Stock Popped Today