Why Rackspace Technology Stock Popped Today

Shares of Rackspace Technology (NASDAQ: RXT) have popped today, up by 12% as of 12:30 p.m. EST, after the Oppenheimer initiated coverage on the stock with an outperform rating alongside a price target of $28, which represents over 40% upside from yesterday's close. Analyst Timothy Horan is bullish on Rackspace as a pure-play way to invest in enterprise public cloud adoption. "Rackspace provides standardized but customizable software based services to move applications to and then manage them on the cloud," Horan wrote in a research note to investors.