Oracle (NYSE: ORCL) reported its fiscal first-quarter earnings on Monday, falling short on revenue.
The software firm reported its earnings per share at $1.03, above the expected $0.97 per share. However, revenue missed expectations, coming in at $9.73 billion compared to the $9.77 billion forecasted.
Oracle shares are down 3.36% at $85.90 premarket, following the report.
Despite the revenue miss, several analysts have upgraded price forecasts for the stock, although Barclays analyst Raimo Lenschow expects the company’s shares “to trade range bound from here,” defining the results as “more of a mixed bag.”
Lenschow kept an Equal Weight rating on Oracle with an $85 price target.
However, several other analysts have upgraded Oracle price targets:
- Societe Generale’s Richard Nguyen raised the price target on Oracle to $88 from $83 and reiterated a Hold rating on the shares. The analyst stated that the company’s plans for further investment will limit its margin prospects in fiscal 2022.
- BMO Capital analyst Keith Bachman raised Oracle’s price target to $100 from $88.
- Goldman Sachs’s price target for Oracle was raised to $66 from $60.
- Monness Crespi raised the price target on Oracle to $115 after describing the company’s Q2 guidance as “solid.”
Should you invest in Oracle shares?
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