Raymond James upgraded Rackspace Technology to Outperform from Market Perform with a $3.50 price target. In the last 12 months, the management team has changed over, reorganized the business, and changed the company’s strategic direction, the analyst tells investors in a research note. The firm believes the adjustments “are taking hold” and will push Rackspace back toward previous levels of revenue and EBITDA in the next 12-18 months. The company’s outlook will steadily improve, and the improvements will become obvious to investors and push the stock higher, says the firm.
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