UPDATE: J.P. Morgan Lowers Price Target on Oracle to $38

According to J.P. Morgan, Oracle (NASDAQ: ORCL) price target is lowered to $38.

J.P. Morgan said that Oracle reported disappointing F2Q results against a slowing macro backdrop, which resulted in the delay of deal closings at quarter-end, as customers required additional approvals. “We continue to rate ORCL Overweight, but are reducing our price target to $38 from $40 based on Scenario 3 of our DCF.”

Oracle closed yesterday at $29.17.