Oracle price target raised to $84 from $75 at Stifel

Stifel raised the firm’s price target on Oracle to $84 from $75 and keeps a Hold rating on the shares following the company’s "mixed" fiscal Q3 results, noting that constant currency growth came in towards the low-end of guidance while EPS met the high-end. Management expects organic cloud to grow of over 30% year-over-year in constant currency in Q4, up from 28% in Q3, expects double-digit operating income growth in Q4, and expects FY23 to be the trough of margins, the firm noted. Given near-term Cerner tailwinds and existing Oracle customers lifting and shifting on-premise workloads to Oracle Cloud, Stifel said it expects "consistent short-term results."