Piper Jaffray Remains Bullish on Oracle (ORCL) Following 1Q16 Earnings
Piper Jaffray reiterated an Overweight rating and $46.00 price target on Oracle (NYSE: ORCL) following the company's 1Q16 earnings results. Results were relatively in-line, with EPS seeing $0.01 of upside relative to consensus.
Analyst Katherine Egbert commented, "While not spectacular, Q1 was fairly solid and a decent follow up to the worrisome Q4 results. Potential new investors are likely to take a 'show me' attitude towards Oracle's cloud efforts, as triple digit bookings have yet to translate into triple digit cloud revenue growth. The expiration of the promotion period for new cloud customers in Q3 could provide the spark everyone is waiting for. Reiterate Overweight."
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Shares of Oracle closed at $38.27 yesterday.