Citi Removes Oracle From Recommended List

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 |  About: Oracle Corporation (ORCL)
by: Eric Savitz

Citigroup Equity Strategist Tobias Levkovich Monday morning cut his rating on the Software and Services industry to market weight from overweight, due to “likely software fundamental demand in the second half of 2008 given the lagging impact of tighter credit conditions and the weakening in corporate profit trends.”

“Valuation is not compelling at this juncture,” he adds, “and there is a fairly neutral read coming from earnings revision trends and sentiment.”

In connection with his sector call, Levkovich removed Oracle (NYSE:ORCL) from the firm’s Recommended List.

Nonetheless, Oracle Monday is up 47 cents, or 2.2%, at $21.57, riding the wave of bullish sentiment toward enterprise tech stocks today from this morning’s IBM news.