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Rackspace downgraded to Underperform from Sector Perform at FBN Securities

FBN Securities downgraded Rackspace to Underperform citing pricing and competition concerns following the company's weaker than expected Q1 results. The firm lowered its price target for shares to $35 from $55. Rackspace shares were downgraded at three other firms this morning, while Stephens upgraded the stock to Overweight.