Oracle (NYSE:) is moving modestly higher in pre-market Friday after several Wall Street analysts raised their price target on the stock.
While Oracle has outperformed the year-to-date, the company’s stock underperformed peers like Microsoft (NASDAQ:) and ServiceNow (NYSE:).
Oracle is scheduled to report on Monday, June 12. Its stock hit a fresh record high on Thursday.
Citi analysts hiked the price target by $20 to $106 per share but remain Neutral-rated.
“Heading into Q4 we see a fairly balanced set-up with reseller survey mixed and ongoing macro headwinds, though we note intra-Q conference inputs were stronger on cloud with uptake of maintenance->cloud discount conversion program,” they said in a client note.
“We maintain our Neutral rating, awaiting more confidence in modernization of on-prem database workloads + OCI margin upside, which could be dependent on uptake of higher margin PaaS/DB services.”
Piper Sandler analysts raised the target to $130 per share.
“We have increasing conviction in our bull-thesis that a cloud shift can improve revenue growth rates and drive a return to double-digit EPS growth,” they wrote.
