UPDATE: Wedbush Securities Raises PT to $37 on Oracle on Strong Execution

Wedbush Securities reiterated its Neutral rating on Oracle

but raised its price target from $36 to $37 following quarterly results. Wedbush Securities commented, "ORCL appears to be getting productivity from its sales hires, while the company's broad product offerings and sales talent give ORCL a good deal of protection from a difficult software demand environment in 2H CY12. We are taking up our EPS estimates by $0.05 in FY13 and $0.04 in FY14 on higher license revenue (which also drives improved operating margin). We are raising our target price from $36 to $37 on higher estimates, based on an average of our P/E, EV/FCF, and DCF approaches." Oracle closed at $32.88 on Tuesday.