Top Stock to Buy #3 – Rackspace Hosting (RAX)
Rackspace Hosting (NYSE:RAX) offers a portfolio of cloud computing services to businesses in more than 120 countries. Consensus earnings for 2013 are expected to jump to $1.07 from $0.75 in 2012.
After a consolidation last year from June to August, the stock broke from a cup-and-handle formation and established a pattern of higher highs supported by volume spikes, and a bullish MACD.
Due to its leading position in a very hot sector, this stock could have wild fluctuations. Thus, our buy under price for RAX is $73 with a price target of $95.
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