UPDATE: Citi Downgrades Oracle On 'Modestly' Lower Fiscal 2015 EPS
In a note released Friday morning, Citi analyst Walter Pritchard downgraded shares of Oracle (NYSE: ORCL) from Buy to Neutral and lowered the price target from $44 to $41.
Pritchard noted that the downgrade and reduced price target were based on "modestly" lower fiscal-year 2015 EPS and margin expansion flattening over the long-term. Additionally, he mentioned that Oracle's revenue and EPS were below both Citi and street expectations.
Pritchard wrote, "Guidance was essentially in line with us and street and while we do not expect street numbers to move much, Oracle enters fiscal-year 15 with what looks like relatively aggressive Q1 targets and the stock becomes a 'show me'."
Shares of Oracle are trading down six percent to $39.96.
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