Oppenheimer Reiterating Outperform On Oracle Corporation

Oppenheimer & Co. is out with a research report on Oracle Corporation ORCL and is reiterating its Outperform rating and $38 price target on shares. In a note to clients, Oppenheimer & Co. writes, "We reiterate our positive stance on ORCL following recent mgmt meetings. While the company did not break any new ground, they solidified our view that Oracle has several meaningful revenue growth drivers in front of it and continued margin expansion remains a top priority. We believe recent weakness in the stock is due to an overreaction from the weaker than expected 4Q hardware result and the fact Oracle is entering its seasonally weakest period. We would take advantage of this lull to build positions, as we believe Oracle remains extremely well positioned to take advantage of the ongoing shift to cloud-based computing (Exa product franchise, Fusion Apps, etc.) and should continue to gain enterprise wallet share in coming years." Shares of ORCL are up 52 cents in pre-market trading to $31.10.