Oracle (ORCL): OpenWorld Should Stabilize Shares, Cutting PT - Drexel Hamilton

September 16, 2016 9:08 AM EDT
Get Alerts ORCL Hot Sheet
Price: $39.90 +0.55%

Rating Summary:
    33 Buy, 19 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
Trade ORCL Now!
Join SI Premium – FREE

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".

For an analyst ratings summary and ratings history on Oracle click here. For more ratings news on Oracle click here.

Shares of Oracle closed at $40.86 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Earnings

Related Entities

Drexel Hamilton, Brian White

Add Your Comment