UPDATE: Jefferies Raising Price Target On Oracle (ORCL)

Jefferies & Co. is raising its price target on shares of Oracle ORCL to $38 from $37, and it has a Buy rating on shares. In a note to clients, Jefferies writes, "ORCL reported license/ NG rev/ NG EPS of $2.21B/$8.81B/ $0.54 v Street at $2.0B/ $8.67B/ $0.50. Ex a tax benefit in the Q, NG EPS was $0.51. F4Q11 guide of $3.4-3.7B/ $10.5-10.9B/ $0.69-0.73 v us at $3.5B/ $10.6B/ $0.66 and Street at $10.5B/ $0.66. FX is expected to add 5pp of growth and $0.04 to F4Q11 rev and NG EPS. Japan is not expected to be a material impact in F4Q11." Shares of ORCL are up $1.54 to $33.68, a gain of 4.8% in pre-market trading.