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CS First Boston Lifts Oracle to 'Strong Buy'

CS First Boston upgraded Oracle (ORCL) to strong buy from buy.

Analyst Wendell Laidley says the upgrade is based

on the belief that Q4 has represented the most challenging near-term obstacle. He also notes Q1 seasonality (a 29% sequential revenue decline) will create shelter from the last of the storm. He expects current estimates do not reflect the positive impact of Q4 calendar 2001 or first-half calendar 2002

as there's been a macro re-acceleration in spending.

Laidley notes in the face of a more challenging environment, Oracle reported seasonally solid Q4 results of $3.26 billion revenue vs. his $3.35 billion estimate, and $0.15 EPS vs. his $0.13 estimate. Laidley has a $24 target.

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