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.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on ORCL:
- Oracle checks show elevated deal slippage in Q3, says Deutsche Bank
- AT&T Mexico moves critical IT, business processes to Oracle Cloud Infrastructure
- Hackett Group downgraded to Hold from Buy at Craig-Hallum
- Oracle deal with Uber validates cloud position, says Deutsche Bank
- Oracle deal with Uber ‘bodes well’ for continued cloud momentum, says Cowen
