Oracle gains on SoundView upgrade

Jan. 2, 2002 4:43 p.m. PT

Oracle Corp. (Nasdaq: ORCL) shares moved up 2 15/16 to 109 3/4 after SoundView Technology Group upgraded the software developer from a "buy" recommendation to a "strong buy."

Analyst Jim Mendelson raised his fiscal 2001 earnings estimate to $1.45 a share from $1.40 and set a 12-month price target of $125 a share.

Last quarter, Oracle hurdled the Street estimate, earning $384 million, or 26 cents a share, on sales of $2.3 billion.

First Call consensus expects it to earn 27 cents a share in the third quarter and $1.14 a share in the fiscal year.

Oracle shares scampered up to a 52-week high of 125 3/16 earlier this month after announcing a 2-for-1 stock split.

The stock fell to a 52-week low of 21 in April.

Thirty-four of the 36 analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.