Rackspace Technology price target lowered to $3 from $3.50 at Raymond James

Raymond James analyst Frank Louthan lowered the firm’s price target on Rackspace Technology to $3 from $3.50 and keeps an Outperform rating on the shares. Rackspace’s Q4 report was above expectations across the board, while the outlook was disappointing but showed continued progress towards a longer term transition, the analyst tells investors in a research note. The firm believes the debate will center around the sequential change in the business starting out in Q1 and how that ramps through the year.