tiprankstipranks
Oracle downgraded to Hold at Societe Generale on valuation
The Fly

Oracle downgraded to Hold at Societe Generale on valuation

Societe Generale analyst Richard Nguyen downgraded Oracle to Hold from Buy with an unchanged price target of $93. While the firm said it continues to like Oracle’s fundamentals, including its "strong backlog" and margin improvement potential, the projected twelve month total return is below the firm’s threshold for a Buy so the firm is lowering its rating on valuation grounds. Following the company’s fiscal Q3 report and Q4 guidance, the firm’s revenue forecasts for FY23-24 are "virtually unchanged," though it increased its FY23 EPS estimate by about 4% and its FY24 EPS estimate by about 3% on strict cost control and a lower tax rate.

Published first on TheFly

See the top stocks recommended by analysts >>

Read More on ORCL:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles