UPDATE: Citi Raises Oracle's PT

According to a research report published this morning, Citi has increased Oracle's

PT from $32 to $34. In the report, Citi commented, "ORCL has underperformed software peers since the Nov quarter earnings report by over 14%. The most significant risk in our view to the long-term story is the potential for SaaS to eat into Oracle's applications revenue. In parallel, Oracle is early in its Fusion applications release, which is likely causing some stall today, but could build apps momentum as the offering matures." Citi maintains its Buy rating on Oracle, which is currently trading at $29.30.