JPMorgan does not expect upward revisions to Oracle estimates

JPMorgan analyst Mark Murphy says Oracle last night reported revenue growth at the high end of its Q1 guidance, accelerating off a very low 4% revenue growth hurdle from Q4, and called out ongoing positive trends within its cloud business as well as announcing a multi-cloud partnership with Amazon Web Services, similar to the ones it has announced with Microsoft’s Azure and Google’s GCP. The firm, however, does not foresee a material upward revision to consensus estimates at this juncture. However, the Q1 results were good overall, contend JPMorgan. It keeps a Neutral rating on the shares with a $120 price target.