Oracle (ORCL): OpenWorld Should Stabilize Shares, Cutting PT - Drexel Hamilton
- Wall St. edges higher as earnings gather pace
- Alibaba (BABA) Tops Q3 EPS by 17c, Revenues Rise 54%
- DuPont (DD) Tops Q4 EPS by 9c; Sees Merger Closing in First Half
- Johnson & Johnson (JNJ) Tops Q4 EPS by 2c; Guides Modestly Below the Street
- Pre-Open Stock Movers 01/24: (MPSX) (IIVI) (AKS) Higher; (FSM) (OCUL) (VZ) Lower (more...)
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Drexel Hamilton analyst, Brian White, reiterated his Buy rating on Oracle (NYSE: ORCL) but cut his price target to $47 from $51 after reporting mixed 1Q:FY17 results during the seasonally softest time of the year. Although Oracle sold off in after-market trading, the analyst believes the stock can find support ahead of Oracle OpenWorld next week.
Oracle continues to demonstrate strong performance in the cloud and this momentum continued into 1Q:FY17. Cloud ARR bookings (SaaS, PaaS and IaaS) totaled $271 million in 1Q:FY17, increasing by 39% YoY (USD). More impressive than that fact was 1Q:FY17 non-GAAP cloud revenue (i.e., SaaS/PaaS at $815 million and IaaS at $171 million) reached $986 million (up 82% YoY in CC for SaaS and PaaS and up 10% for IaaS).
The analyst stated "Although Oracle sold off in after-market trading, we believe the stock can find support ahead of Oracle OpenWorld next week." " we expect operating profit growth to return in 2Q:FY17".
Shares of Oracle closed at $40.86 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Reiterates Buy on Oracle (ORCL) Following Reports of Restructuring
- GenMark Diagnostics (GNMK) PT Raised to $15 at Needham & Company
- Oracle Expands Startup Accelerator Program to Further Promote Global Cloud Innovation
Create E-mail Alert Related CategoriesAnalyst Comments, Earnings
Related EntitiesDrexel Hamilton, Brian White
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!