Oracle (ORCL) PT Lowered to $130 at TD Cowen

TD Cowen analyst Derrick Wood lowered the price target on Oracle (NYSE: ORCL) to $130.00 (from $137.00) while maintaining an Outperform rating.

The analyst commented, "ORCL reported 2Q growth of 4% cc, in line w/ guide of 3-5%, but organic Cloud growth of 25% cc was below guide of 27-29%, w/ both OCI and SaaS below our ests. The OCI shortfall is mostly related to supply constraints as demand is outstripping capacity. Mgmt still sees 50%+ cc OCI growth for FY24, which implies much stronger Q/Q builds in 2H. Lower ests. PT to $130. Maintain Outperform."

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