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Societe Generale reiterates its Hold rating on Oracle Corporation
ORCL and reduces its price targett from $34 to $30.50.
Societe Generale comments, "Softening macro conditions, notably in the US (Americas 52% group revenue) in addition to an already challenging Europe (EMEA 31%), as flagged by other major IT vendors (Cisco, Dell, HP). Moreover, Oracles results would be negatively affected by currency headwinds (USD appreciated versus EUR). 4) SGe FY13 estimates nudged down by 1% on average on revenue and EPS."
ORCL closed at $26.90 on Thursday.
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