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Stock analysts at Credit Suisse assumed coverage on shares of Red Hat (NYSE:RHT) in a report issued on Friday, TheFlyOnTheWall.com reports. The firm set an “outperform” rating and a $70.00 price target on the stock. Credit Suisse’s price target points to a potential upside of 22.83% from the stock’s previous close.

The analysts wrote, “We are initiating coverage of Red Hat with an Outperform rating and a target price of $70. Red Hat is the de facto leader in open-source software and continues to gain share in the operating system market with its flagship product Red Hat Enterprise Linux (RHEL). In addition to RHEL’s continued growth momentum, we also believe that the growing adoption of open source within mainstream IT has positioned Red Hat to increasingly upsell its newer products (JBoss middleware, Gluster storage, virtualization, and CloudForms), thereby driving further billings growth.”

Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank initiated coverage on shares of Red Hat in a research note to investors on Wednesday, January 22nd. They set a “hold” rating on the stock. Separately, analysts at Oppenheimer upgraded shares of Red Hat from a “market perform” rating to an “outperform” rating in a research note to investors on Wednesday, January 22nd. They now have a $74.00 price target on the stock. Finally, analysts at JMP Securities initiated coverage on shares of Red Hat in a research note to investors on Tuesday, January 14th. They set an “outperform” rating and a $68.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Red Hat presently has a consensus rating of “Buy” and an average price target of $59.85.

Red Hat (NYSE:RHT) opened at 56.99 on Friday. Red Hat has a 52 week low of $41.89 and a 52 week high of $60.19. The stock’s 50-day moving average is $56.80 and its 200-day moving average is $50.06. The company has a market cap of $10.802 billion and a P/E ratio of 61.03.

Red Hat (NYSE:RHT) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.07. The company had revenue of $397.00 million for the quarter, compared to the consensus estimate of $383.13 million. During the same quarter in the prior year, the company posted $0.29 earnings per share. The company’s quarterly revenue was up 15.4% on a year-over-year basis.

Red Hat, Inc (NYSE:RHT) is engaged in providing open source software solutions to the enterprise, including its Red Hat Enterprise Linux and JBoss Enterprise Middleware.

The Fly On The Wall

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