Downgrade Alert for Rackspace Hosting (RAX)
Rackspace Hosting (NYSE:RAX) was downgraded from Market Perform to Underperform at Raymond James today. The stock closed yesterday at $31.46 on volume of 7.3 million shares, above average daily volume of 2.3 million.
In the past 52 weeks, shares of Rackspace Hosting have traded between a low of $15.05 and a high of $54.57 and closed yesterday at $31.46, which is 109% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 1.1%.
There is potential upside of 25.0% for shares of Rackspace Hosting based on a current price of $31.46 and an average consensus analyst 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.
Rackspace Hosting, Inc. delivers websites, web-based IT systems, and provides related services.
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 31.7%. 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