Oracle Corporation (NYSE:ORCL) is expected to report a year-over-year increase in its sales and profits when it hands down its first quarter fiscal 2024 earnings on Monday, September 11 after the market close.
Wall Street analysts expect the cloud technology company to report a 10.7% increase in earnings per share, up from $1.03 for the same period last year to $1.14.
Revenue is expected to increase by 8.8% to $12.5 billion from $11.4 billion, according to Zacks Consensus Estimate.
Analysts at Jefferies raised their price target on Oracle ahead of its earnings report from $135 to $145 and awarded it a ‘Buy’ rating.
Oracle shares traded at $125.59 at noon on Friday.
The analysts believe that organic growth expectations for Oracle during 1Q are “more difficult but achievable” supported by improving momentum in cloud infrastructure and apps with AI demand providing additional upside; short-term tailwinds from softer public cloud demand; and positive back-off app read-through from competitor Workday.
“The true north remains $65 billion in revenue and 45% operating margin in the 2026 financial year which can drive $7 plus in earnings per share implying a $145 stock at 21 times,” the analysts wrote.
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