Oracle (ORCL): OpenWorld Should Stabilize Shares, Cutting PT - Drexel Hamilton
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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.
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Related EntitiesDrexel Hamilton, Brian White
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