JPMorgan analyst, Mark Murphy, reiterated his Overweight rating on shares of Oracle (NYSE: ORCL) reminding investors that he reduced his Q3/Q4 Cloud revenue forecast after conducting his quarterly partner survey. His model change proved to be prescient after Oracle delivered revenue and EPS upside (despite intra-qtr headwinds from FX and tax rate) but the stock traded down in the after-market due to a poor rev mix with less cloud and more License.

The analyst stated "There is probably some Cloud SaaS revenue headwind from deployment lag as larger ERP deals have started to get booked, but overall, the reality is that the SaaS business has been and continues to grow in the 20s organically, while the optics of lapping the NetSuite acquisition catch some investors off-guard".

No change to the price target of $55.

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Shares of Oracle closed at $50.19 yesterday.