Oracle (ORCL) Upgraded to ‘Overweight’ and Price Target Raised to $270 at Piper Sandler

Oracle Corp (NYSE:ORCL) is one of the growth stocks that could double by 2027. On July 10, Piper Sandler upgraded the stock to ‘Overweight’ and hiked the price target to $270 from $190. The adjustments are in response to significant shifts in CIO spending priorities owing to artificial intelligence.

Oracle (ORCL) Upgraded to ‘Overweight’ and Price Target Raised to $270 at Piper Sandler

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According to Piper Sandler, a recent CIO Survey has affirmed a significant spending backdrop for AI infrastructure, which heightens risks to the broader application category. Consequently, Oracle remains well-positioned to benefit from the new trend.

“CIOs planning a material increase in OCI spending shot up to 27% from 18%, 15%, and 4% in previous surveys,” the analysts noted. They also cited growing enterprise demand, which could “add another layer of growth to the outsized OpenAI-Stargate opportunity.”

Oracle Corp (NYSE:ORCL) is a technology company that provides a wide range of products and services for enterprise software and cloud computing. It is best known for its database software, particularly the Oracle Database, and also offers a suite of cloud applications for various business functions.

While we acknowledge the potential of ORCL to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than ORCL and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.