Rackspace boosted to Overweight at Morgan Stanley

Rackspace (RAX) is ahead 3.4% premarket after Morgan Stanley's Simon Flannery upgrades the stock to Overweight with $45 price target, saying the company's hybrid model is gaining traction. The primary drivers of the boost, says Flannery: Reaccelerated revenue momentum, differentiated product offerings, and an attractive valuation.

Yesterday: Cisco to invest $1B in the cloud.

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