Deutsche Bank Reiterates Buy Rating on Oracle

Deutsche Bank analyst Brad Zelnick reiterated a Buy rating and $300.00 price target on Oracle (NYSE: ORCL).

“There was plenty to like in this print, including Cloud Database accelerating to +35% y/y (from +30% last Q), with multicloud now available across all geographies and all hyperscale partners (AWS, Azure, GCP), which we believe can be a meaningful unlock for further workload migration ahead.

While we don’t expect these results to resolve ongoing debates (relative to Oracle and the broader industry), we do think the quarter hit on all the key incremental positives we would have hoped to see going in: (1) consistent execution to sustain OCI acceleration (incl.

Cloud Database) into FY27; (2) high-teens+ growth in NGOI to reaffirm the profit-accretive nature of AI infrastructure; and (3) select non-AI opportunities for further backlog contribution – or in this case non-capital-intensive AI.

This leaves us walking away with further conviction in our view that risk/reward skews strongly to the upside from here and we therefore reiterate our Buy rating and $300 price target.”

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