Rackspace Technology price target lowered to $2 from $3 at RBC Capital

RBC Capital lowered the firm’s price target on Rackspace Technology (RXT) to $2 from $3 and keeps a Sector Perform rating on the shares. The company reported solid results with beats across both the top and bottom line, marking the company’s 11th consecutive quarter of meeting or exceeding guidance, the analyst tells investors in a research note. Rackspace has a solid foundation to turnaround the company’s operations, RBC adds.