Global Equities Research Previews Oracle's Earnings

Global Equities Research is out with a research report on Oracle (NASDAQ: ORCL) as it previews the company's earnings. It has a Buy rating and a $36 price target.In a note to clients, Global Equities Research writes, "We are reducing our 4Q'FY2011, 1QFY2012 and 2QFY2012 Revenue estimates, while maintaining the Earnings estimates on Oracle to reflect mixed data points we collected. Some customers have put some Oracle Projects on the hold; however, these projects have not been cancelled. However, Oracle continues to lose Siebel market share to Salesforce.com, while gaining market share with Exadata and Exalogic; and the rest of the Oracle's business is having stable market share. We are maintaining our Overweight Rating, as Oracle specific fundamentals continue to remain strong. Our 12 – 18 months price target of $36 is based on a P/E multiple of 16.5x FY 2011 EPS estimates of $2.18 and on a P/E multiple of 15x FY 2012 estimates of $2.39"Shares of ORCL lost 59 cents yesterday to close at $31.25, a loss of 1.85%.