CSFB Maintains Outperform On Oracle

Analyst Jason Maynard says the software company's strength in its Americas division drove outperformance and sees the company's momentum continuing into fiscal 2006

CS First Boston maintains outperform on Oracle Corp. (ORCL ).

Analyst Jason Maynard says both database and application results exceeded his fourth-quarter expectations. He says strength in Americas drove outperformance.

Going into fiscal 2006 (ending May), he sees the company's momentum continuing. He notes Oracle shares trade at a significant discount to peers and he believes they deserve to trade at a premium to the S&P 500's p-e multiple of 18 times, closer to a peer group average of 20 times.

Maynard sees his 14 cents first-quarter fiscal 2006 earnings per share, $595 million license revenue, and $2.8 billion total revenue. He sees 78 cents fiscal 2006 earnings per share and has a $15 12-month target.

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