Goldman Sachs reported on Friday that they have removed computer technology company, Oracle Corporation(ORCL) from their Conviction Buy List.
The firm has reaffirmed its “Buy” rating on ORCL, but has removed the company from its Conviction Buy List. The firm has also increased its price target for ORCL from $37 to $39. This price target suggests a 10% upside to the stock’s current price of $34.98.
Although analysts has increased their estimates for ORCL for the next couple quarters, they have taken the company off the Conviction Buy List due to an expected decline in the hardware business.
Oracle shares were mostly flat during Friday morning trading. The stock has increased 23% in the past year.
The Bottom Line
Shares of Oracle Corporation (ORCL) have a .69% dividend yield, based on last night’s closing stock price of $34.94. The stock has technical support in the $30-$32 price area. If the shares can firm up, we see overhead resistance around the $36-$37 price levels.
Oracle Corporation(ORCL) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.