Piper Jaffray Overweight On Oracle After Earnings

Piper Jaffray has an Overweight rating and a $37 price target on shares of Oracle ORCL after it reported earnings last night. In a note to investors, Piper Jaffray writes, "ORCL reported revenue of $10.8B, narrowly above consensus of $10.7B, and PF EPS of $0.75 was slightly ahead of the $0.71 consensus when adjusted for a consistently lower tax rate. Q1 guidance is ahead of consensus for both revenue and EPS, driving our forecast higher. Results were stronger than we expected in software and for Exadata which grew over 50% sequentially, and weaker for hardware, particularly in Europe. The hardware softness may stoke concerns about macroeconomic conditions in Europe and cause ORCL shares to trade off, but it should not overshadow the fact that ORCL is gaining share and guiding above consensus in total. Overweight, $37 price target." Shares of ORCL are down $1.06 in pre-market to $31.40, a loss of 3.26%.