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After underperforming over the last two years, Oracle Corporation (NYSE:ORCL) is catching its stride, pushing KeyBanc Capital Markets analyst Monika Garg to upgrade Oracle to Overweight with a $61 price target.
4 Reasons Behind Garg’s Bullish Theses
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- Oracle’s cloud growth could double over the next two years, generating a $12 billion run-rate.
- Oracle is just starting to capitalize on transitioning its current customer base to its cloud service. “While Oracle has added a significant number of new Oracle Cloud customers in the mid-market, the number of total cloud logos using its SaaS, PaaS, and IaaS solutions represent less than 5% of a large existing customer installed base that exceeds 400,000,” Garg said.
- AI will provide value to Oracle through “scale of data, helping elevate the power of incumbency for those having a large customer installed base and unique data sets,” Garg said.
- Margins might expand as cloud revenue continues to increase.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.