After consolidating around $116 for the last few months, Oracle (ORCL) is breaking out. Now, if it can break above resistance around $127.50, it could potentially rally well above $130.
Helping, Barclays analysts upgraded the ORCL stock to overweight, with a price target of $150.
The firm also believes ORLC offers a “multiyear opportunity for solid growth at high margins” driven by a positive mix shift to the company’s Oracle Cloud business, as well as growth in the cloud-based version of its enterprise application software, as reported by Barron’s. Plus, they believe the key to ORCL’s story is Oracle Cloud, fueled in part “by growing generative artificial-intelligence workloads.”
Analysts at UBS also upgraded ORCL to a buy, with a price target of $140.