Canaccord Downgrades Oracle Shares on Confidence Concern
Oracle’s (NASDAQ:ORCL) explanations for its FQ2 deficit have not satisfied Canaccord, which is downgrading shares to Hold. Canaccord says the company “needs to rebuild confidence” that it’s not on its way to a Microsoft-level (NASDAQ:MSFT) valuation over the next few years. Jefferies (NYSE:JEF), however, remains bullish, noting that Oracle’s FQ3 EPS guidance of $0.55-$0.58 is in-line with a previous forecast of $0.57.
Here’s how Oracle shares are trading on Wall Street’s commentary:
Oracle Corp. (NASDAQ:ORCL): ORCL shares recently traded at $25.24, down $3.93, or 13.47%. They have traded in a 52-week range of $24.72 to $36.50. Volume today was 102,375,363 shares versus a 3-month average volume of 31,076,200 shares. The company’s trailing P/E is 14.36, while trailing earnings are $1.76 per share. Get the most recent company news and stock data here >>