Oracle price target raised to $170 from $140 at DA Davidson

DA Davidson raised the firm’s price target on Oracle (ORCL) to $170 from $140 and keeps a Neutral rating on the shares. The firms cites the company’s strong Q4 earnings that were highlighted by continued demand for AI compute on Oracle Cloud Infrastructure and a pick-up in ancillary AI services, the analyst tells investors in a research note. DA Davidson adds however that while it continues to believe that Stargate will become a meaningful contributor to OCI – Oracle Cloud Infrastructure – growth, the management refrained from giving significant details on the contribution of Stargate to revenue.