Oracle's shares could be worth $29-Barron's
NEW YORK, July 20 (Reuters) - Oracle Corp (ORCL.O: Quote, Profile, Research, Stock Buzz) shares could trade as high as $29 on the company's bold acquisition strategy, Barron's said on Sunday.
Oracle's shares are off about 10 percent from their year high of June 3, closing at $21.18 on Friday, in part because a Morgan Stanley analyst created unrealistic expectations before the company last released earnings on June 25.
Morgan Stanley Analyst Adam Holt initiated bullish coverage of Oracle on June 23, prompting traders to jump into the stock. When Oracle expressed caution about the first quarter of 2009 and did not increase its outlook for 2009, the shares got dinged.
But Cowen software analyst Peter Goldmacher still sees Oracle's 2009 profits up 16 percent, and Holt said the shares should hit $29 within a year. (Reporting by Helen Chernikoff, editing by Maureen Bavdek)
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