UPDATE: RBC Capital Markets Downgrades Oracle on Multiple Challenges Ahead

In a report published Thursday, RBC Capital Markets analyst Matthew Hedberg downgraded the rating on Oracle Corporation (NYSE: ORCL) from Outperform to Sector Perform, but reiterated the $35.00 price target.

In the report, RBC Capital Markets noted, “We are reducing our rating on shares of ORCL to Sector Perform from Outperform as the stock reached our price target, continued pressure from cloud computing vendors, emerging alternative data management solutions, and spending concerns in China, and point out this is not a call on the quarter.”

Oracle Corporation closed on Wednesday at $34.56.