UPDATE: Wedbush Lowers PT on Oracle on Macro/Secular Headwinds

In a report published on Friday, Wedbush analyst Steve Koenig lowered the price target on

from $36 to $34 and reiterated a rating of Neutral on the company. In the report, Wedbush stated, "ORCL missed 4Q revenue expectations by about $160M (about 150 bps), largely on weak licenses...Despite ORCL's 3Q miss, this miss shocked us. ORCL rarely misses a 4Q, and the company had set expectations for growth to decelerate...We think the miss stems primarily from a weak global demand environment, and secular pressures on ORCL's on-premise applications business due to SaaS competition." Oracle closed on Thursday at $33.21.