Oracle Q1 in-line against elevated expectations, says Deutsche Bank

Deutsche Bank reiterates a Buy rating on Oracle with a $135 price target following the “largely in-line” fiscal Q1 report. While the results may not have lived up to some of the more bullish sentiment built up recently, revenue hit the midpoint of guidance with better operating margins despite a miss on high-margin licenses, which was attributed largely to Cerner’s model transition toward cloud subscriptions, the analyst tells investors in a research note. The firm says that while “there are a lot of moving pieces,” it walked away with its fiscal 2024 view unchanged excluding Cerner, which it says “remains a work in progress.”