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Oracle CEO Safra Catz rings the opening bell at the New York Stock Exchange on July 12, 2023.
Brendan McDiarmid | Reuters
Oracle stock soared more than 12% in intraday trading Tuesday and is on pace for a record closing price, a day after the company announced fiscal third-quarter profits that beat analysts’ expectations.
At noon Tuesday, the stock was trading above $127, above its previous closing high of $126.71 on September 11, 2023. It’s also on track for its biggest gain since Dec. 10, 2021, when Oracle stock closed up 15.6%. .
According to LSEG (formerly Refinitiv), Oracle reported adjusted earnings per share of $1.41, beating analysts’ expectations of $1.38. Revenue was $13.28 billion, slightly below the $13.3 billion expected by analysts.
Revenue from the company’s largest business, Cloud Services and License Support, rose 12% to $9.96 billion, beating analysts’ estimates of $9.94 billion, according to Street Accounts.
Deutsche Bank on Tuesday raised its price target on Oracle stock to $150 from $135, after CEO Safra Katz reiterated its outlook for fiscal 2026 and strong performance in cloud infrastructure. pointed out.
While maintaining a buy rating on Oracle stock, the analysts wrote that Oracle’s cloud infrastructure is “driving the stock narrative” and that they are “more confident than ever about the demand situation.” There is.
Analysts at UBS raised their price target on Oracle stock to $150 from $130 and maintained their buy rating on the stock, saying, “Sales recovery, OCI growth, AI backlog, and large core We are encouraged by the growth outlook.” Database businesses are likely to benefit from AI-driven cloud migration in 2024-2025. ”
Bernstein Research analysts, who have a Buy rating on Oracle stock, raised their price target from $147 to $159. They wrote that the results “remove some of the growth concerns that have crept in over the past two quarters,” citing management’s comments that supply continues to outstrip demand.
—CNBC’s Kif Leswing and Jordan Novet contributed to this report.
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