Mizuho Reaffirms Outperform on Oracle, $320 Price Target
Mizuho analyst Siti Panigrahi reiterated an Outperform rating and $320 price target on Oracle (NYSE: ORCL) on August 21, 2026.
“According to the government contract award news today, the Department of Veterans Affairs (VA) increased the ceiling on its Oracle Health (previously Cerner) EHR Modernization contract by ~$17B to nearly $27B, while adding three optional one-year periods that could extend the contract through May 2031.
We view the announcement positively as it materially increases Oracle Health’s long-term revenue opportunity and, importantly, further validates the successful turnaround of the Cerner asset following significant implementation challenges and the 2023 deployment pause.
The Federal EHR is currently live at only 14 of 164 VA medical centers, leaving substantial deployment activity ahead.
While the ~$17B increase represents contract capacity rather than an immediate booking/RPO addition, we expect task orders to be awarded as deployments progress.
The expanded VA opportunity reinforces our view that Oracle SaaS revenue growth could accelerate over the next several years, complementing the strong growth already underway in OCI.
Reiterate Outperform.”
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