Oracle deal with Uber ‘bodes well’ for continued cloud momentum, says Cowen

After Oracle (ORCL) and Uber Technologies (UBER) announced a seven-year strategic cloud partnership that entails Uber migrating some of its most critical workloads to OCI, Cowen analyst J. Derrick Wood said the firm believes this was a $1B-plus contract for Oracle and a competitive win over Amazon Web Services (AMZN), or AWS. The firm, which thinks this "high-profile referenceable customer" is further validation of OCI’s traction and "bodes well" for continued cloud momentum, keeps an Outperform rating and $96 price target on Oracle shares.