Rackspace Technology price target lowered to $1 from $2 at Barclays

Barclays analyst Ramsey El-Assal lowered the firm’s price target on Rackspace Technology (RXT) to $1 from $2 and keeps an Underweight rating on the shares as part of a Q1 earnings preview for the IT services group. Read-throughs point to relatively stable demand trends, leading Barclays to believe Q1 estimates are achievable, the analyst tells investors in a research note. However, the firm says tariff-driven uncertainty “has muddied forward-looking expectations, adding plenty of risk” to a back-half of the year growth acceleration.