Rackspace Technology (RXT) shares reached a new 52-week high on June 18, 2026. The stock traded as high as $8.60 during the session.
Royal Bank of Canada (RBC) raised its price target for the stock to $4.00 from $2.50. RBC maintained its 'sector perform' rating despite the target increase.
The market rally follows Rackspace's agreement with AMD to deploy 30 MW of AMD-based AI compute. Heavy call-option buying signals rising investor confidence in the company's artificial intelligence infrastructure strategy.