UPDATE: JPMorgan Upgrades Oracle (ORCL) to Overweight
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JPMorgan analyst Mark Murphy upgraded Oracle (NYSE: ORCL) from Neutral to Overweight with a price target of $55.00 (from $51.00).
The analyst comments "We acknowledge our work suggests Oracle faces plenty of fundamental challenges in the pursuit of net-new workload growth, as was evident in our last CIO survey. However, we think the presence of a resilient, sticky, and largely recurring revenue stream with relatively low viability risk (as compared to Airlines, Hotels, Energy, Restaurants, Retailers, etc.), positions it well to relatively outperform in a slower economic environment and it could be a beneficiary of rotation into value as a relative safe haven within the software sector."
Shares of Oracle closed at $45.07 yesterday.
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