Mizuho expects Oracle to report fiscal Q3 revenue and earnings above consensus, driven by strong cloud business. Consensus estimates for Oracle’s Cloud Services and support of $8.8B look conservative as channel checks indicate that both Fusion applications and OCI continue to gain traction, the analyst tells investors in a research note. The firm believes that despite the uncertain macro environment, there will be continued demand for back-office applications throughout 2023 after the temporary pause in spend during the pandemic has led to stronger pipelines today. It reiterates a Buy rating on the shares with a $116 price target.
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