Citizens Reaffirms Market Outperform on Oracle, $285 Price Target

Citizens analyst Patrick Walravens reiterated a Market Outperform rating and $285 price target on Oracle (NYSE: ORCL).

“While Oracle remains quite levered with $125B in debt and $37B in cash, we continue to view the stock as an attractive opportunity for long-term capital appreciation for a number of reasons, including: 1) Oracle offers a complete stack for enterprise AI across infrastructure, database, and applications, and has introduced 75 agentic applications, 25 of which are enabled by Fusion Claw, which uses a single execution runtime; 2) the company addresses a massive TAM, which was most recently estimated at $745B ($265B in apps and $480B in infrastructure) in 2023, but which we believe could be materially larger today as AI pushes more enterprise workloads toward Oracle’s platform; 3) Oracle is executing well, driving massive acceleration across its infrastructure business, which we expect to reach $82B in FY28, up from $40B in FY27 and $18B in FY26; 4) CFO Hilary Maxson effectively addressed concerns about how Oracle will fund its data center buildout with her guidance, including committing to a final $20B of incremental capital and a net debt to EBITDA ratio below 3.5x by FY29; and 5) we like the leadership of Co-CEOs Clay Magouyrk and Mike Sicilia, the long-term guidance of Founder, Executive Chairman, and CTO Larry Ellison, who owned ~41% of the shares outstanding as of the September 2025 proxy statement, and the financial acumen of Ms.

Maxson.”

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