Citi Sees Mark Hurd To Oracle As Positive (ORCL)
Citi Investment Research sees the appointment of Mark Hurd to Oracle's (NASDAQ: ORCL) co-president as a positive for the company. It rates shares at a Buy, with a $28 price target.
In the analyst's note, Citi writes, "Last night, Oracle announced that it had appointed former HP CEO Mark Hurd to president, replacing President Charles Phillips. The release noted this Phillips’s transition out had been in the works for months. We view the hiring of Hurd as serendipitous and building off prior relationship between Ellison and Hurd. Hurd brings experience running a much larger organization than any senior executive at Oracle and also brings needed experience running a hardware business."
Shares of Oracle are gaining in pre-market trading on the news, up $1.78 or 7.7% to $24.70.
