Red Hat shares likelty to bottom in the $40s, says Piper Jaffray

Piper Jaffray said its channel checks indicate Red Hat's Q1 could be soft with billings growth at 9%-14%, but that the company will make it up for it in Q2. Piper thinks Red Hat shares are likely to bottom in the $40s with sentiment improving in the second half of 2014. The firm keeps an Overweight rating on the stock with a $59 price target.