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Downgrade Alert for Rackspace Hosting (RAX)

By Nick Russo

Rackspace Hosting (NYSE:RAX) was downgraded from Strong Buy to Neutral at Tigress Financial today. The stock closed yesterday at $31.46 on volume of 10.4 million shares, above average daily volume of 2.3 million.

Over the past year, Rackspace Hosting has traded in a range of $15.05 to $54.57 and closed yesterday at $31.46, 109% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 1.0%.

Rackspace Hosting, Inc. delivers websites, web-based IT systems, and provides related services.

Rackspace Hosting (NYSE:RAX) has potential upside of 25.0% based on a current price of $31.46 and analysts' consensus price target of $39.31. Rackspace Hosting shares have support at the 200-day moving average (MA) of $25.40 and additional support at the 50-day MA of $22.33.

SmarTrend recommended that subscribers consider buying shares of Rackspace Hosting on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.88. Since that recommendation, shares of Rackspace Hosting have risen 31.9%. We continue to monitor RAX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Rackspace Hosting

Ticker(s): RAX