Piper Jaffray Overweight On Oracle

Piper Jaffray has an Overweight rating and a $37 price target on shares of Oracle ORCL. In a note to clients, Piper Jaffray writes, "Recent conversations with 39 Oracle partners indicate solid results, as partners exceeded plan by 4.4% on average (versus 3% a year ago) and observed a materially better large deal demand environment in this Q4 than a year ago. Partners are "still seeing pent-up demand from 2009 and 2010" as customers are "releasing dollars for projects that make sense and can provide ROI." Our checks are less skewed into Europe, which might be softer, and growth is expected to slow as ORCL anniversaries the acquisition of Sun, but we still see an upward bias to estimates. Overweight, $37 target." Shares of ORCL gained 74 cents yesterday to close at $32.65, a gain of 2.3%.