Piper Jaffray Reiterates Overweight On Oracle (ORCL)
Piper Jaffray is maintaining its Overweight rating and $30 price target on Oracle (NASDAQ: ORCL) after doing some recent channel checks with Oracle's partners.
In the note to clients, Piper Jaffray states, "Recent checks with 44 partners suggest Oracle will achieve its target for the software business. Specifically, partners finished 2% above plan, versus 3% above plan in the prior quarter and 2% below plan two quarters ago. Additionally, the majority of contacts (52%) experienced a better pace of business during Q1, while a minority (18%) experienced deterioration. Exadata demand exceeds supply as current orders will probably be fulfilled around year-end. We still expect choppy hardware results but a very favorable bias to margins. Overweight, $30 target."
Shares of Oracle closed at $24.14 yesterday, a loss of 12 cents.
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