Oracle Corporation (ORCL)

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Analysts boost Oracle stock targets into Q4 results
By: Investing.com | June 9, 2023

Oracle (NYSE:ORCL) is moving modestly higher in pre-market Friday after several Wall Street analysts raised their price target on the stock.

While Oracle has outperformed the Nasdaq index year-to-date, the company’s stock underperformed peers like Microsoft (NASDAQ:MSFT) and ServiceNow (NYSE:NOW).

Oracle is scheduled to report on Monday, June 12. Its stock hit a fresh record high on Thursday.

Citi analysts hiked the price target by $20 to $106 per share but remain Neutral-rated.

“Heading into Q4 we see a fairly balanced set-up with reseller survey mixed and ongoing macro headwinds, though we note intra-Q conference inputs were stronger on cloud with uptake of maintenance->cloud discount conversion program,” they said in a client note.

“We maintain our Neutral rating, awaiting more confidence in modernization of on-prem database workloads + OCI margin upside, which could be dependent on uptake of higher margin PaaS/DB services.”

Piper Sandler analysts raised the target to $130 per share.

“We have increasing conviction in our bull-thesis that a cloud shift can improve revenue growth rates and drive a return to double-digit EPS growth,” they wrote.

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