Jefferies Reiterates Hold Rating, $35 on Oracle Corporation on Acme Packet Acquisition
In a report published Monday, Jefferies reiterated its Hold rating and $35.00 price target on Oracle Corporation (NASDAQ: ORCL).
Jefferies noted, “This morning Oracle announced plans to acquire session border controller (SBC) maker Acme Packet (APKT) for $29.25/share in cash ($1.68B EV) and expects to close the transaction in the first half of 2013. We see the acquisition bolstering demand for Sun hardware, expanding ORCL's unified communications portfolio, and expanding ORCL's relationship with large telco service providers.”
Oracle Corporation closed on Friday at $36.21.
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