UPDATE: Societe Generale Reduces PT to $30.50 on Oracle Corporation on FX, Macro

Societe Generale reiterates its Hold rating on Oracle Corporation

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, Oracle’s 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.