Jefferies raised the firm’s price target on Oracle (ORCL) to $360 from $270 and keeps a Buy rating on the shares. The firm says the company’s remaining performance obligation “stole the show” in its fiscal Q1, hitting $455B, up 359% year-over-year. The number easily topped estimates and brings confidence in Oracle’s “acceleration narrative,” the analyst tells investors in a research note. Jefferies now views Oracle’s long-term forecasts as conservative and sees them moving higher following the analyst day.
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