Argus analyst Joseph Bonner raised the firm’s price target on Oracle (ORCL) to $200 from $176 and keeps a Buy rating on the shares after its Q2 results. The company is in the enviable position of having more demand than it can fulfill and intends to double its capital expenditure in FY25 to help meet this demand, the analyst tells investors in a research note. Cloud revenue has become the company’s primary growth engine whether it be through applications or infrastructure as legacy license support and hardware revenue dwindles, Argus adds. The firm further cites Oracle’s shareholder-friendly policies as demonstrated by its “strong dividend growth and aggressive share buybacks”, though it also sees large buybacks being off the table for now as the company works to strengthen its balance sheet after the Cerner acquisition.
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