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Investing

Analysts Start Rackspace Coverage As Quiet Period Ends (RAX)

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By Douglas A. McIntyre Updated Published
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Rackspace_logoRackspace Hosting, Inc. (NYSE: RAX) is seeing its quiet period end after its IPO, which now allows analysts in the underwriting group to initiate research coverage of the stock.  So far this IPO has dropped from north of $11 after its August debut down to as low as $8.00 before coming back to close at $8.83 yesterday. 

Rackspace_ipo_chart_2We have also provided a chart from stockcharts.com to show how it has performed since coming public.

Below is a quick snapshot of research initiations we have seen today:

  • Credit Suisse started as OUTPERFORM
  • Goldman Sachs started as NEUTRAL
  • Jefferies started as BUY
  • Merrill Lynch started as BUY
  • RBC Capital started as OUTPERFORM

Shares are indicated slightly higher, but so far we have not yet seen any trades in Rackspace. 

Jon C. Ogg
September 17, 2008

Contact [email protected] for any questions or corrections.

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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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