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Craig-Hallum upgrades Rimini Street to Buy following court ruling
The Fly

Craig-Hallum upgrades Rimini Street to Buy following court ruling

As previously reported, Craig-Hallum upgraded Rimini Street (RMNI) to Buy from Hold with a price target of $6, up from $2. The firm says that in “a stunningly decisive manner,” the Appeals Court panel vacated the district court’s prior opinion which ruled broadly against Rimini and in favor of Oracle (ORCL), around “infringing derivative works.” Craig-Hallum believes this outcome is the most positive it has ever seen for Rimini and while it does not believe the legal arguing is over by any means, the magnitude of the issues and potential impact to Rimini have narrowed to the point Craig-Hallum sees the likelihood of “game changing” negatives coming from the court as dramatically mitigated.

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