Mizuho Reiterates Outperform Rating on Oracle (June 11)
Mizuho analyst Siti Panigrahi reiterated an Outperform rating and $320.00 price target on Oracle (NYSE: ORCL).
“Oracle delivered another strong quarter to close FY26, with FQ4 revenue of $19.2B (+21% Y/Y), vs. consensus of $19.1B, led by IaaS of $5.8B (+93% Y/Y), above the Street’s $5.7B.
The beat confirms Oracle’s capacity ramp is converting its record backlog into revenue, and the FQ1’27 delivery pace (nearly 1GW, roughly the entire FY26 build combined) points to continued acceleration.
Non-GAAP operating margin held at 45% (+54bp Y/Y) and non GAAP EPS of $2.11 grew 24% Y/Y ($2.03 ex one-time investment gains), showing Oracle can scale AI infrastructure while protecting profitability.
RPO increased to $638B (+363% Y/Y, +$85B added sequentially), with the BYOH/prepaid book reaching $75B, structures that limit incremental funding even as FY27 all-in CapEx steps to $90-95B.
Management confirmed its $90B FY27 revenue target (~34% Y/Y) and raised its FY27 non-GAAP EPS guide to $8.05. Reiterate Outperform.”
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