Benchmark: Results In-line for Rackspace Hosting Inc as Preparations are Made for New Product Roll-out

According to a research report this morning from Benchmark, Rackspace Hosting (NYSE: RAX) reported strong trends from 1Q12 as their results match street expectations. The outlook is positive as the online hosting company prepares to launch OpenStack cloud platform.

Benchmark stated, “Rackspace will launch its next generation OpenStack cloud platform in 3Q12, with new products including: Servers, Database, Networks, Storage, Monitoring and Back-up. The new OpenStack platform will support the largest online applications, furthering Rackspace's move toward enterprise deals and creating more formidable competition for Amazon Web Services.”

Rackspace Hosting closed yesterday at $57.80 as Benchmark maintains its Buy rating and PT of $66.