Jefferies analyst Brent Thill upgraded Oracle to Buy from Hold with a price target of $105, up from $90. The analyst sees a "mixed to negative outlook" in the first half of 2023 for software with weakening fundamentals and continued multiple pressure. However, good news is likely to come in the second half of the year with reset multiples and a reacceleration of growth at some point in 2024, Thill tells investors. Oracle "got their mojo back," said the analyst, who likes the reacceleration growth theme and identifies it as a "tactical pick for value investors."
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