Stifel Keeps Buy Rating on Oracle
Stifel analyst Brad Reback reiterated a Buy rating on Oracle (NYSE: ORCL).
“While late last week Oracle Cloud Infrastructure VP Mahesh Thiagarajan indicated that construction at Project Jupiter in New Mexico is 26% complete, up 17 percentage points from Oracle’s July update, he also highlighted several hurdles, as the fuel-cell microgrid site was only 10% complete and that there were hold-ups related to various air/water-quality permits and authorization for its gas pipeline.
That said, we note that later in the week the New Mexico Supreme Court unanimously denied a petition from New Energy Economy that requested a cancellation of the air quality permit hearing, and also unanimously denied the Center for Biological Diversity’s challenge to the state’s emergency authorization that granted the site access to a water well in Santa Teresa, ultimately clearing two legal roadblocks to Project Jupiter.
With these hold-ups out of the way, the NMED air quality permit hearing can resume, and developers can restart pumping from the well after more than a three-week pause.
Despite this step in the right direction, we note that no examiner or date has been set for the air-quality hearing.”
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