- Analysts slashed their price targets on Oracle Corp (NYSE:ORCL) post Q3 results.
- Piper Sandler analyst Brent Bracelin downgraded to Underweight from Neutral with a PT of $70 (8.7% downside), down from $100.
- Bracelin found it challenging to reach double-digit organic growth next year, sustaining a cloud shift considering more than 70% of revenue came from the traditional Oracle product categories.
- BofA analyst Brad Sills lowered the PT to $90 from $105 (17.4% upside) and kept a Neutral.
- Sills also did not buy the company's cloud outlook and margin expansion story.
- Wolfe Research analyst Alex Zukin lowered the PT to $83 from $105 (8.3% upside) peer multiple contractions and kept a Peer Perform.
- Zukin noted "strong" fiscal Q3 results with accelerating constant-currency revenue coupled with double-digit sales growth and expanding margins for fiscal 2023.
- Price Action: ORCL shares traded higher by 1.95% at $78.12 on the last check Friday.
