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Red Hat: Needham Starts at Buy, $63 Target

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Needham & Co.’s Scott Zeller today kicks off coverage of Red Hat (RHT) with a Buy rating and a $63 price target, writing that “field discussions in our data center software coverage have made increasing mentions of open source alternatives as companies consider their architectures for “data center refresh” and a move to cloud computing for public as well as private cloud buildouts.”

Red Hat’s various offerings are “looking very much like a “stack” (operating system, middleware, virtualization, storage – all open source),” writes Zeller.

The result of that is that Red Hat seems able to expand its “footprint” with customers even in a tough economic environment, he writes.

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