UPDATE: JP Morgan Downgrades Eloqua to Neutral on Oracle Acquisition
JP Morgan reduced its rating on Eloqua (NASDAQ: ELOQ) from Overweight to Neutral with a price target that has been reduced from $27 to $23.50.
JP Morgan commented, "ORCL announced yesterday that it will acquire B2B marketing automation vendor ELOQ for $871 million in cash. At $23.50 per share, or 11.0x LTM subscription revenue, the ELOQ deal is more expensive than ORCL's recent major SaaS acquisitions, but still below ELOQ's recent alltime high ($24.83) and our prior ELOQ price target ($27). We maintain our price target and rating on ORCL, but are downgrading ELOQ to Neutral with a $23.50 Dec-13 price target to reflect the offer price."
Eloqua closed at $33.94 on Thursday.
Latest Ratings for ELOQ
|Jan 2013||JMP Securities||Downgrades||Market Outperform||Market Perform|
|Dec 2012||JP Morgan||Downgrades||Overweight||Neutral|
|Oct 2012||JP Morgan||Maintains||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.