UPDATE: Canaccord Genuity Reiterates Buy Rating, Lowers PT on Oracle Corporation Following Stock Dip

In a report published Friday, Canaccord Genuity analyst Richard Davis reiterated a Buy rating on

, but lowered the price target from $42.00 to $38.00. In the report, Canaccord Genuity noted, “Oracle posted an adequate quarter, made bullish comments on the long-term future, and provided mixed August guidance. The stock tacked on another 8% fall to Thursday's 3% trading hours decline. As we suggested in our Monday earnings preview, we believe this dip represents an opportunity to establish or expand a position in a stock that is likely to at least be a safe harbor in a storm through what looks to be a confusing and choppy summer. Nobody should confuse Oracle with the next hyper growth company, but we believe enough things could go right over the next few quarters to enable the stock to outperform the overall stock market. While our new price target is one multiple point lower than before to reflect weaker valuations of comps, the potential for at least a solid summer is enough for us to keep our BUY rating intact.” Oracle Corporation closed on Thursday at $33.21.