Oracle's Stock Soars Toward First Record Close In 16 1/2 Years As Analysts Cheer Quarterly Results

By Tomi Kilgore Markets MarketWatch Pulse

Shares of Oracle Corp. soared 8% in morning trade, putting it on track for the first record close in 16 1/2 years, as Wall Street analysts cheered the software giant's quarterly results. Analyst Mark Murphy at J.P. Morgan upgraded Oracle to overweight from neutral, citing the company's success in cloud subscriptions and the increase in the mix of recurring revenue. He raised his stock price target to $51, which is 9.7% above current levels, from $42. UBS analyst Fatima Boolani reiterated the buy rating while raising the stock price target to $48 from $45, saying beating expectations and the company's positive tone in the "right areas" suggests the "stars appear to be aligning" for the company. RBC Capital's Ross MacMillan boosted his price target to $47 from $46, saying he is more confident in the future growth potential as the decline in license revenue appears to be moderating. The stock was trading around $45.50, above the previous record close of $46.31 on Sept. 1, 2000. The stock has rallied 16% over the past 12 months, while the SPDR Technology Select Sector ETF has climbed 23% and the S&P 500 has gained 18%.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.