** Shares of Oracle ORCL.N rise 3.6% to $204.3

** Deutsche Bank estimates a $4 reduction in EPS to $17 and a $10 bln reduction in FCF to ORCL's FY30 guidance if OpenAI-related revenues and expenses are excluded

** "Discounting these numbers back to present would suggest the company is getting little if any credit for its business with OpenAI at the current share price of ~$200," brokerage says

** DB highlights ORCL's current P/E of about 27 times forward earnings is burdened by upfront costs in scaling the AI business, but real opportunity brought by OpenAI backlog should more than offset risks

** The brokerage holds a "buy" rating on the stock with a PT of $375; 32 of 45 brokerages covering the stock rate it "buy" or higher

** Including sessions' moves, ORCL up more than 22% YTD but off about 41% from its September peak

(Reporting by Shashwat Chauhan in Bengaluru)

((Shashwat.Chauhan@thomsonreuters.com))