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Fly News Breaks for June 20, 2018
ORCL
Jun 20, 2018 | 07:17 EDT
Wedbush analyst Steve Koenig downgraded Oracle to Neutral from Outperform as he is less confident that the company can successfully navigate a transition to the cloud. Despite outperformance on Q4 revenue and EPS, the analyst suspects Oracle missed its cloud bookings achievement goals, albeit with some bright spots in NetSuite and database licenses. His read is supported by his checks, tepid Q1 guidance, and the company's surprise decision to eliminate cloud revenue disclosures after Q4. Koenig also lowered his price target on the shares to $49 from $55.
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