The big move was that Bernstein was finally positive, to the point that it raised its price target to $49 from $40. Oracle shares are around $41.04 after a 0.5% gain in mid-Monday trading. What should really stand out here is not just a $9 hike to its price target. The big deal is that, after being cautious for quite some time, Bernstein’s price target is just $1 shy of the street-high target of $50.
On Friday, Oracle was raised to Buy from Hold at Societe Generale, but shares fell $0.16 to $40.81 on the day.
Oracle’s stock chart shows that there is a lot of resistance in the $41.00 to $42.00 level. Its 50-day moving average has worked more or less as support each time it was lightly violated in the past six months. That 50-day moving average was $39.38 as of Monday.
What about forward valuations? Oracle trades at only 14 times expected 2014 earnings, but that is for the May year-end. The stock trades at only about 12.8 times expected 2015 earnings.
The $41.04 price on Monday compares to a $41.59 consensus analyst price target and a 52-week range of $29.86 to $42.00.
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