Anaylsts at KeyBanc, an investment bank that provides financial advisory services, have predicted that computer software company Oracle (ORCL) will see its cloud sales double over the next two years, according to Market Watch.
Since Monday, the firm has rated the company’s stock to ‘over weight’ from ‘sector weight’, with a US$61 target.
Keybanc Anaylst, Monika Garg, believes that the company’s cloud sales will rise to a total revenue of 24% from this year’s 13% by 2019: “We are upgrading ORCL based on solid cloud execution and partner feedback that increases our confidence in its ability to accelerate the conversion of more than 400,000 existing customers to its new cloud offerings.”
“New machine learning functionality could further solidify this multiyear transformation, in our view,” she added.
ORCL’s shares climbed by 1% during today’s ‘trade morning’.
Written by Leah Alger