Jefferies reaffirms its 'buy' recommendation on Oracle, with a price target raised from $145 to $150, the day after the release of solid quarterly results, with, for example, 29% backlog growth.

'Although management has reaffirmed its targets for fiscal 2026, this implies a CAGR of 10.5% between 2024 and 2026 (versus a target of around 7% for 2024) to reach $65 billion', notes the broker.

We are constructive on the net new business signed over the past quarter, and believe that Oracle can still be one of the many beneficiaries in a multi-cloud world', adds Jefferies, which also considers the valuation attractive.

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