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.
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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 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.
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This article is originally published at Insider Monkey.
