Oracle price target raised to $176 from $159 at Argus

Argus analyst Joseph Bonner raised the firm’s price target on Oracle to $176 from $159 and keeps a Buy rating on the shares after its Q1 earnings beat and the management’s outlook for revenue acceleration in FY25. Oracle is in the enviable position of having more demand than it can fulfill, and the company will double its capital expenditure in FY25 to help meet this demand, the analyst tells investors in a research note. Cloud revenue has become the company’s primary growth engine whether it be through applications or infrastructure as legacy license support and hardware revenue dwindles, Argus adds, also raising its FY25 EPS view by 7c to $6.29.