“Headwinds” could be the big word when Red Hat discloses its latest financials after the markets close today.

Surprising Wall Street on earnings report day has become quite the habit at Red Hat (NYSE: RHT). But will the Hatters have a disappointing surprise when they report how business went in the last quarter?

Analysts and media have plenty of ideas and speculation. If Oracle’s earnings are an indicator, currency could play a big role. The strong dollar cut into Oracle’s earnings, as Technology Business Research reports in its analysis. Let’s not forget, either, that Cary-based SAS took a big hit in its 2014 revenues due to the powerful dollar.

Now comes Red Hat.

The Hatters have delivered a “surprise” as the Street calls better-than-expected earnings over the last four quarters by an average of nearly 10 percent. That surprise reached 11.11 percent last quarter, notes Zacks research.

Today, the Street is expecting revenue of $456.8 million and earnings of 41 cents. Red Hat’s own forecast is between $456-459 in revenue and the same earnings.

Wall Street analysts continue to praise the stock, which hit a high of $71.77 back in December. Shares closed at $69.47 on Tuesday but were above $70 earlier in the day.

Shares surging

How much do investors like Red Hat? Its shares have rebounded over the past several months from a low of $47.45, driven in part by Red Hat’s strong performance as reported in December. (Check out the graphic with this post to see how the stock has rallied over the past year.)

The Hatters have driven up revenue for 11 consecutive years – not quite the 30-plus year streak of SAS but impressive nonetheless.

Credit Suisse and Raymond James are among Wall Street firms that have expressed concerns about the possibility of “currency headwinds.”

Positive stock ratings

But i recent days, Cantor Fitzgerald, Oppenheimer and Barclays all reaffirmed “buy,” “outperform” and “overweight” estimates on the stock. Prices range from $77 to $81, so these firms still see a big upside in Hatter shares.

What’s driving the good mood?

Red Hat continues to roll out new products and services in its big bet on the “cloud” in open-source-based forms. Not a day goes by, it seems, without the Hatters announcing some sort of new initiative.

But will the strong greenback get in the way of another record year for growth and revenue?

We’ll find out around 4 p.m.