Deutsche Bank maintained a Hold rating on Oracle (NYSE: ORCL) with a price target of $44. Comments follow Q3 results and guidance. Analyst Karl Keirstead noted it was an in-line print, with slightly weak guidance.

"Oracle (ORCL) posted largely in-line 3QF15 results, highlighted by total c/c revenue growth of 6% (middle of the 4%-8% guidance and in-line with our 6%-7% estimate), flat c/c software license sales (in-line with our estimate), cloud subscriptions revs growth at the high-end of guidance and a modest miss in terms of maintenance revs, non-GAAP OM and FCF. The 4QF15 guidance for total c/c revs growth of 1%-6% represents a deceleration from 3QF15 despite a slightly easier compare," said Keirstead.

"In c/c, YTD FY15 total organic revs growth is ~1%, YTD non-GAAP EPS growth is 6% while TTM FCF is down ~2%. Given this growth profile, it’s hard to argue that ORCL shares should garner much more than the current 2015 non-GAAP EPS multiple of 15x (in-line with other mature tech peers). Our PT is based on 15x our CY16 numbers, in-line with other mature tech peers," added the analyst.

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Shares of Oracle closed at $42.87 yesterday.