Oracle (ORCL) Stock Jumps 3% as Citi Says the Selloff Went Too Far
TLDR
- Oracle stock rose 2.84% to $148.87 on Wednesday, its second consecutive day of gains
- Citi placed ORCL on a 90-day positive catalyst watch and reiterated a Buy rating with a $330 price target
- The recent selloff was partly driven by investor capitulation and technical selling pressure, according to Citi analyst Tyler Radke
- Oracle told the Deutsche Bank Tech Conference its cloud infrastructure is delivering real results for large enterprise clients
- TipRanks shows a Strong Buy consensus from 28 analysts, with an average price target of $257.79
Oracle (ORCL) stock closed at $148.87 on Wednesday, up 2.84% on the day, even as the broader market struggled. The S&P 500 slipped 0.02% and the Dow fell 0.21%.
The move came after Citigroup analyst Tyler Radke placed the stock on a 90-day positive catalyst watch. Radke reaffirmed a Buy rating and a $330 price target, which implies upside of roughly 122% from current levels.
Radke said the recent selloff went too far. He pointed to investor capitulation and technical selling pressure, including pressure around credit spreads and at-the-market share issuance, as key drivers of the drop.
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