Nomura Instinet lowers Oracle target from $64 to $60 and maintains a Buy rating.
Oracle shares are down 2.5% premarket to $47.05.
Update with more info on the JP Morgan downgrade:
Analyst Mark Murphy cites the firm’s large-scale CIO survey and says Oracle’s specific metrics “have arced over into negative territory, which makes us uncomfortable because the results of our CIO surveys over the years have been highly predictive.”
Murphy says that conversations with CIOs show a migration from Oracle databases to Microsoft SQL Server and Amazon databases.
The CIO survey includes 154 officers and only 2% called Oracle their “most integral” cloud computing vendor compared to 27% for Microsoft and 12% for Amazon.