Red Hat’s profitable quarter ‘a mixed hat,’ analyst says
Jefferies & Company analyst Katherine Egbert didn’t care much for Red Hat’s quarterly earnings report Wednesday, even though the Linux software-focused firm reported profits that exceeded Wall Street expectations.
In a research note issued early Thursday, Egbert cut her target price for Red Hat shares to $18 from the $19 she had just set on Wednesday.
Egbert reiterated her “hold” rating on Red Hat, but called the earnings report “A Mixed Hat.”
“Against a backdrop of deteriorating spending, investors are likely to take a half-empty view of tempered revenue,” she noted.
That comment was in response to Red Hat executives’ decision in a conference call with analysts after the earnings report to not update financial guidance for the current fiscal year.
Also: Profit Pops at Red Hat But KVM Payoff Will Wait
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