Rackspace Technology price target lowered to $2 from $3 at Evercore ISI

Evercore ISI lowered the firm’s price target on Rackspace Technology to $2 from $3 and keeps an In Line rating on the shares. Rackspace reported at the high end of its guidance and above Street estimates in terms of September-end quarter results, but continued macro uncertainty and elongation of sales cycles gives the firm pause despite strong bookings growth and an “encouraging” public debt exchange. Rackspace “remains a show-me story” and the firm would continue to stand on the sidelines, the analyst tells investors.