Rackspace Technology Inc. (RXT) PT Raised to $137 at Jefferies

Jefferies analyst Sheila Kahyaoglu raised the price target on Rackspace Technology Inc. (NASDAQ: RXT) to $137.00 (from $120.00) while maintaining a Hold rating.

The analyst comments "Raytheon Defense came through in Q3 driving a $0.10 increase to 2024E EPS. RTX raised 2024 EPS guidance by $0.14 at the midpt w/ the increase due to Pratt and Raytheon segment EBIT raised $0.08 w/ Collins lowered $0.05. BTL added $0.09 for 2024, while FCF unch at $4.7BB. 2025 FCF target of $7.5BB was not reaffirmed w/ our est of $6.2BB yielding 3.7% (vs 4.4% peer avg). On a SOTP, RTX is valued at $137 on a peer avg multiples w/ Pratt valued at NPV."

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