UPDATE: J.P. Morgan Raises PT on Oracle to $40 (ORCL)

J.P. Morgan is out with its report today on Oracle ORCL, raising its PT from $38 to $40. In a note to clients, J.P. Morgan writes, "ORCL reported a very strong F3Q driven by software license revenue growth that marks a positive inflection in seasonal trends, along with strong margins that are already approaching pre-Sun levels. Guidance was also much better than expected." J.P. Morgan maintains Overweight on ORCL. At the time of posting, shares of ORCL were trading pre-market at $33.63, up 4.64% from Thursday's close.