Oracle Corp. has Wall Street analysts on cloud nine in the wake of an earnings report that showed the company is capitalizing on the artificial-intelligence boom and gaining ground with its cloud-infrastructure offering.
TD Cowen analyst Derrick Wood noted that Oracle ORCL scaled its Oracle Cloud Infrastructure business, which helps companies run workloads, to a recent milestone of $5 billion in annualized revenue within seven years from starting it off, and he now calculates it will take only seven quarters for the company to double that amount.
“Oracle delivered a strong quarter, and had one of the best revenue mixes we’ve seen from Cloud transition companies recently, in line with our thesis that it should be the top pick for a recession,” he wrote. “Oracle beat where it matters most and guided to a strong Q1 while many of its peers have recently 1) had licenses outperform Cloud and 2) come out with weaker than expected updated guides in the face of macro and business issues.
“With inflation and an economic slowdown/recession in tow, in our view Oracle is one of the best investments, and this quarter continued to demonstrate how valuable the company is and how strong it will be exiting the slowdown,” he wrote.Mizuho’s Siti Panigrahi titled his note to clients, “Cloud on AI Steroids,” as his boosted his price target to $150 from $116 and kept a buy rating.
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