Analysts at Wachovia are feeling bullish on Oracle Corporation (ORCL: sentiment, chart, options) this morning. The firm raised its valuation range on the shares from $24-$26 to $26-$28, and noted that "sales momentum in the current quarter remains on track." Wachovia added that the shares' valuation is "attractive" at current levels, and asserted that Oracle's "broad product line and geographic diversity should protect against macroeconomic pressure."

Despite the bullish note, ORCL shares have succumbed to broad-market selling pressure at midday. The stock is nearly 2% lower, though it remains poised atop its 10-week and 20-week moving averages.

Meanwhile, there's only a very slim opportunity for more bullish boosts from analysts. Zacks reports that 16 out of 18 analysts maintain a "strong buy" or "buy" rating, while Thomson Financial pegs the average 12-month price target at $25.24. This consensus forecast represents a premium of 11% to the stock's closing price Friday, and it's nearly 7% higher than ORCL's current annual high of $23.62.