Evercore ISI lowered the firm’s price target on Oracle to $130 from $135 and keeps an Outperform rating on the shares after Oracle delivered “mixed” fiscal Q2 results. A “miss is a miss” and bears will point to OCI revenue growth ex-hosted IaaS decelerating to 55%, notes the analyst, who adds that “for those willing to take more of a ‘glass half full’ approach” that fiscal Q3 guidance infers acceleration in revenue growth and that the company continues to see a nice build in backlog. The primary question coming away from the results will continue to be when the strength in OCI backlog starts to translate into stabilizing OCI growth, the analyst added.
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