Goldman Sachs Raises Price Target on Oracle (ORCL), Keeps Top Rating

Goldman Sachs raised its price target and estimates on Oracle (NASDAQ: ORCL) following solid Q1 results after the close. The firm also reiterated its Conviction Buy list rating.

The firm noted that despite a challenging macro environment in August, Oracle posted license revenue growth of 17%, which compares to consensus of 14%. In addition, management guided Nov license growth above even the high end of expectations, forecasting yoy growth of 6%-16% which compares to consensus prior to the 1QFY12 EPS call of 10%.

The price target goes from $33 to $35. The firm revised FY12/FY13/FY14 non-GAAP EPS estimates by 4%/6%/7%, respectively.

For more ratings news on Oracle click here and for the rating history of Oracle click here.

Shares of Oracle closed at $28.35 yesterday.

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