) and maintains market outperform.
Analyst Rick Sherlund says Street estimates have been coming down for Oracle as investors bake in lower expectations for the May quarter following a slower tone of business shown by other tech comanpanies in the March quarter. Oracle has declined sharply already on expectations on a more difficult quarter, and is in line with his revised discount cash flow analysis using a 10% secular growth rate. Sherlund cut the $0.40 fiscal FY 2002 (May) earnings per share estimate to $0.38, and cut the $0.40 fiscal 2003 estimate to $0.35. For the fourth quarter of fiscal 2002, Sherlund cut his license revenue forecast to $1 billion from $1.175 billion.