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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.
