Linux maker a "tempting" takeover target
Citigroup said Red Hat Inc, which posted strong quarterly results on Wednesday, is a potential takeover target as the Linux software maker's strategy attracts the attention of larger technology firms.
Citigroup and RBC Capital raised their price targets on Red Hat, which also forecast full-year results in line with market estimates.
"We believe Red Hat is a tempting acquisition target," Citigroup analyst Brent Thill wrote in a note to clients. "Red Hat noted strength in customers converting from free Linux to paid-for subscriptions... as well as a broader adoption of the higher-priced Red Hat stack," Thill, who kept a "hold" rating on the stock, said.
The software maker has started a "free-to-pay" marketing campaign to persuade businesses that they would save money by subscribing to its services because they would not have to hire as many Linux programmers.
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