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Monday, August 21, 2023 10:40:25 AM
By: Investing.com | August 21, 2023
Oracle (NYSE:ORCL) is now the most crowded name in software, according to Bernstein analysts in a note Monday.
The analysts' research note states investors now recognize the downside protection of Outperform-rated Oracle's enterprise business and that "organic, CC growth is accelerating."
"Oracle has been going through a complex transition to Cloud, which has created different growth rates for different parts of the business," they wrote. "This has been hard to model, and their acquisition of Cerner has only made it more complex."
However, Bernstein believes Oracle's organic growth is now accelerating, primarily driven by an increasing mix of fast-growing cloud revenue and "acceleration in the growth of Cloud, particularly OCI Gen 2."
"We saw a similar trend play out at MSFT as it transitioned to Cloud," said the analysts, who maintained a $242 price target on the stock. "Based on the current setup, management commentary, and execution over the past three years, we have increased confidence in the durability of growth and further acceleration in the current year. We think Oracle can sustain high-single-digit or even higher growth in the foreseeable future."
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