J.P. Morgan Reiterates Overweight Rating, $40 PT on Oracle Corporation
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating and $40.00 price target on Oracle Corporation (NASDAQ: ORCL).
J.P. Morgan noted, “Investors worrying that an end-of-year event might reduce 2012 investment performance got some relief from their indigestion last night, as Oracle reported solid results and guidance relative to expectations. Oracle's results will likely help the entire space. Oracle exceeded expectations for both the important Software license and Cloud revenue and non-GAAP EPS, while less important hardware revenues were below estimates as engineered systems strength is not yet enough to offset the struggling traditional hardware business. Importantly, license guidance for the February period was slightly better and EPS was in line, though Hardware was again slightly below consensus expectations.”
Oracle Corporation closed on Tuesday at $32.88.
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