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Investing.com — Barclays (LON:BARC) raised its price target on Oracle Corporation (NYSE:ORCL) to $113 from $85 per share in a note to clients Wednesday, maintaining an Equal Weight rating on the stock.
The analyst told investors his firm expects a positive reaction to Oracle’s fourth-quarter results.
“We like the set-up for ORCL’s Q4. At face value, it would be easy to look at the tough license comps and weaker spending intentions in our VAR survey as signals for a conservative set-up,” the analyst wrote.
“However, we think investors will likely focus on the OCI acceleration that management had suggested last quarter and which will likely come through from larger customers ramping but also strong demand for AI capabilities that Oracle can offer now.”
The note added that stronger OCI “should feed the new investor narrative” that ORCL has a credible cloud story and can trade at higher multiples in the short term. He said the price target raise reflects the firm’s increased level of confidence in the emerging cloud story for Oracle.
