Goldman Sachs Cuts Numbers on Oracle (ORCL), Keeps Top Rating

Goldman Sachs trimmed numbers on Oracle (NASDAQ: ORCL) following Q2 results but kept their Conviction Buy List rating.

They noted that this is just the first time since November 2008 the company came in below the low end of its guidance range for both total revenue and EPS. Also, license sales was below the low end of the guidance range for only the fourth time in 22 quarters. Currency movements resulted in a 100bp headwind on license revenue, the firm noted.

Oracle said they saw extra layers of approval needed to close deals towards the end of the quarter, leading to more slipped deals.

The firm cut its price target from $39 to $35 and also cut estimates. They cut FY12 non-GAAP EPS to $2.37 from $2.44. They cut FY13 to $2.65 from $2.73.

For an analyst ratings summary and ratings history on Oracle click here. For more ratings news on Oracle click here.

Shares of Oracle closed at $29.17 yesterday.

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