4 big analyst picks: Oracle fetches a Goldman upgrade
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Oracle, Devon Energy, SurModics, and Estee Lauder.
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Oracle earns 2 more upgrades
Oracle (NYSE:ORCL) picked up two upgrades yesterday after reporting a Q4 beat and forecasting better-than-expected revenue growth for Q1.
Goldman Sachs upgraded the company to Neutral from Sell with a price target of $120.00, noting that the earnings and guidance alleviated concerns key to its Sell thesis, which ahd centered primarily on mounting capex requirements to sustain growth in Gen2 OCI and unabating market share losses in the company's core database business.
Meanwhile, CFRA upgraded to Hold from Sell with a price target of $130.00 (from $71.00), noting it likes momentum from cloud applications as the company leverages its growing base of customers (Fusion up 28%, NetSuite up 24%) across the enterprise space.
The company earned an upgrade from Wolfe Research on Monday. The firm upgraded the stock to Outperform from Peerperform with a price target of $130.00.
Yesterday, the company announced plans to develop powerful, generative AI services for organizations, in collaboration with Cohere, a leading AI platform for enterprises.
Devon Energy shares gain on Goldman Sachs upgrade
Devon Energy (NYSE:DVN) shares rose 2% yesterday after Goldman Sachs upgraded the company to Buy from Neutral with a price target of $58.00 (from $63.00).
The upgrade was based on: (1) anticipated free cash flow improvement due to cost deflation, (2) attractive valuation following underperformance, and (3) attractive capital returns.
2 more upgrades
SurModics (NASDAQ:SRDX) shares jumped more than 15% yesterday after Needham upgraded the company to Buy from Hold with a price target of $36.00.
According to the analysts, several positive developments mean that the company's SurVeil drug-coated balloon (DCB) is likely to be approved by the FDA sooner than they previously thought.
Berenberg upgraded Estee Lauder (NYSE:EL) to Buy from Hold with a price target of $243.00 based on its expectation that (1) the drag from de-stocking will abate in 2024, (2) the sequential improvement in Chinese consumer spend on beauty will persist, and (3) consumer appetite for high-quality beauty products in China remains strong.
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