Jefferies Boosts Price Target on Oracle (ORCL) After RightNow Deal
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Price: $25.77 -11.66%
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
13 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Jefferies lifted its price target on Buy-rated Oracle (NASDAQ: ORCL) from $35 to $37 following the company's acquisition of RightNow (NASDAQ: RNOW).
The analyst said the valuation of the deal suggests RightNow is an important asset that it doesn't want to fall into another's hands. They also note that if it wasn't clear before "the gloves are definitely off" in the fight with Salesforce.com (NYSE: CRM). It also shows that Oracle is serious about its cloud strategy and could make other SaaS acquisitions to fill out the portfolio.
For more ratings news on Oracle click here and for the rating history of Oracle click here.
Shares of Oracle closed at $32.87 yesterday.
The analyst said the valuation of the deal suggests RightNow is an important asset that it doesn't want to fall into another's hands. They also note that if it wasn't clear before "the gloves are definitely off" in the fight with Salesforce.com (NYSE: CRM). It also shows that Oracle is serious about its cloud strategy and could make other SaaS acquisitions to fill out the portfolio.
For more ratings news on Oracle click here and for the rating history of Oracle click here.
Shares of Oracle closed at $32.87 yesterday.
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