Barclays upgraded ORCL to "overweight" from "equal weight"
Oracle Corp (NYSE:ORCL) is up 2.1% before the bell, after Barclays upgraded the software stock to "overweight" from "equal weight. Like another Wall Street firm said, Barclays believe Oracle could see tailwinds from the artificial intelligence (AI) boom.
The analyst also hiked its price target to $150 from $126, the former a 24% upside to Friday's close. While 10 covering brokerages rate ORCL a "strong buy," 13 say "hold," leaving room for additional bull notes to roll in.
Already boasting a 48% lead in 2023, Oracle stock is up nearly 61% year over year as investors have taken an increased interest in AI-adjacent equities. Today's premarket lead has the shares on track to topple the $123 level for the first time since mid-June, putting them within a chip-shot of their June 15 record peak of $127.54