Oracle (ORCL) PT Raised to $190 at Piper Sandler

Piper Sandler analyst Brent Bracelin raised the price target on Oracle (NYSE: ORCL) to $190.00 (from $130.00) while maintaining a Neutral rating.

The analyst comments: "Caution flags that we raised in April (insert mulligan please) on the risk that capex might consume most or all of the F2026 operating cash flows was premature and overshadowed by surprisingly strong RPO backlog that could double to $276B in F2026 (vs. $138B in F2025) driven by broad-based adoption of Oracle cloud database, applications, and AI infrastructure services. All told, ORCL has entered an entirely new wave of enterprise popularity that it has not seen since the Internet era in the late 90s. We are raising estimates and increasing our PT back to $190 (vs. $130) on higher estimates and multiple given increasing visibility into the growth potential. Increasing capital intensity risks that could widen the net debt position and pressure margins in the short-run keep us at Neutral, assuming these risks elevate volatility and temper multiple expansion."

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