Analyst Mark Murphy downgraded the cloud stock and cut his price target.
Oracle could see more pain ahead, even when accounting for Tuesday's slide, according to JPMorgan. Analyst Mark Murphy downgraded the cloud stock to neutral from overweight and cut his price target by $12 to $100. His new target implies an 8.8% slide from Tuesday's close. Oracle offered mixed results for its fiscal fourth quarter Monday, with the company missing consensus expectations of analysts polled by LSEG for revenue despite beating on earnings per share. The stock fell 13.
That's made it hard to see the stock ever trade above $112 despite upgrades from Wall Street peers pushing the stock briefly above this level. Solid Oracle cloud business growth is one of those reasons the company should be proud, he said, as is its wins in the artificial intelligence space and margin expansion amid the Cerner transformation.
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