Markets & Finance

Salomon Cuts Oracle to Neutral

Shares of Oracle (ORCL) were lower after Salomon SB cut the stock to neutral from outperform.

Analyst Gretchen Teagarden says existing estimates may be too optimistic given that management set the model immediately after September 11. She adds competitive pressure may result in Oracle having to compete aggressively on price in both applications, database markets over next three quarters. The analyst adds the company will only maintain market share in the database market, which she sees growing at 10%. She cut her $0.47 fiscal year 2002 (May) EPS estimate to $0.46, and notes $0.47 is the Street consensus. She also cut her $0.52 fiscaly year 2003 EPS estimate to $0.50. She adds the stock is fully valued, and cut her price target for the stock to $13 from $15.

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