These Analysts Revise Their Forecasts On Rackspace Technology After Q4 Results
Portfolio Pulse from Avi Kapoor
Rackspace Technology, Inc. (NASDAQ:RXT) exceeded Q4 expectations but provided Q1 guidance below estimates, leading to a 16.6% drop in shares. The company announced refinancing transactions and analysts adjusted their price targets accordingly: Evercore ISI Group to $2, BMO Capital to $2.5, and Raymond James to $3.
March 13, 2024 | 5:36 pm
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Rackspace Technology reported better than expected Q4 results but issued weak Q1 guidance, leading to a significant stock price drop. Analysts have revised their price targets.
The negative short-term impact on RXT's stock price is primarily due to the company's Q1 guidance falling short of market expectations, despite better than expected Q4 results. The stock price reaction and analyst adjustments reflect concerns over near-term performance.
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