Morgan Keegan Raises PT For Oracle Corp.

Oracle Corporation ORCL is having a new $28 price target introduced by Morgan Keegan, representing the upper end of the company's fair value range. Morgan Keegan's updated valuation is based on FY11 EPS estimates of $1.85 and a P/E multiple of 15x. Though the economic environment is currently challenged, it is believed that technology spending is at the leading edge of recovery, especially in the jobless recovery market. Morgan Keegan believes that Oracle represents an opportunity to invest in an improved technology spending environment. Morgan Keegan reiterates its Outperform rating with a new price target of $28 (previously $25). Oracle Corporation closed yeseterday at $22.02.