Oracle Stock Upgraded on AI Tailwinds

ORCL's options pits have been extremely bullish in the last 10 weeks

Deputy Editor
Aug 29, 2023 at 10:48 AM
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Oracle Corp (NYSE:ORCL) is up 2.2% at $119.36 at last glance, after UBS upgraded the software stock to "buy" from "neutral," with a price-target hike to $140 from $120. The firm noted the shares have "plenty of room to run," and pointed out that it looks as though artificial intelligence (AI) start-ups are increasing their use of Oracle Cloud Infrastructure. 

Out of the gate, ORCL traded at its highest level since July 19. However, today's pop is now running out of steam around $120, an area of consolidation since a June 15 record high of $127.54. Year-to-date, the equity is up 45.8%. 

In the options pits, ORCL calls have been picked up at their fastest pace all year. The security's 50-day call/put volume ratio of 2.64 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past 12 months. Today, 14,000 calls have been exchanged so far in comparison to 8,173 puts. 

Of the 33 analysts in coverage, 14 carry a "buy" or better rating on Oracle stock, with 19 a tepid "hold." Meanwhile, the 12-month consensus price target of $125.63 is a 5% premium to current levels. 


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