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.