Barclays analyst Raimo Lenschow upgraded Oracle (ORCL) to Overweight from Equal Weight with a price target of $80, up from $66. The analyst sees accelerating growth for Oracle, which he believes will drive multiple expansion.
The two factors for better growth are an improving cloud mix and a better IT spend environment, Lenschow tells investors in a research note.
Oracle "has been ignored by investors for a while," but its "good" cloud products are now big enough to offset the headwinds from the "dwindling products," says Lenschow.
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