Analyst Derrick Wood from TD Cowen reiterated a Buy rating on Oracle (ORCL – Research Report) and keeping the price target at $210.00.
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Derrick Wood has given his Buy rating due to a combination of factors including Oracle’s recent strategic partnerships and data center expansions. The company’s active data center leasing activity, particularly the significant expansion in Texas, indicates strong demand for Oracle Cloud Infrastructure (OCI) and positions the company well for future growth.
Additionally, Oracle’s cloud services, including SaaS and OCI, are expected to continue their robust growth trajectory, with projections of increased revenue in the coming quarters. Despite a recent decline in share price, Wood sees this as an opportunity, especially with Oracle’s management anticipating further revenue acceleration. The positive hiring trends and the company’s focus on cloud database migrations further support the Buy rating, as these initiatives are likely to drive increased demand and customer acquisition.
According to TipRanks, Wood is a 5-star analyst with an average return of 14.9% and a 60.92% success rate. Wood covers the Technology sector, focusing on stocks such as Salesforce, ServiceNow, and Microsoft.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $220.00 price target.