Red Hat (Nasdaq: RHAT) continues to reap benefits from its most recent quarterly earnings report and the selection of executives such as new Chief Technology Officer Brian Stevens.

On Wednesday, Banc of America reiterated its “buy” rating of Red Hat stock and raised the target price to $22 from $20. Red Hat closed at $20.05 on Wednesday.

In a research note cited by Reuters, Banc of America cited Red Hat’s “recent management build out and the heightened level of reinvestment in the business” as reasons for raising the target price.

Red Hat: