Wall Street closes at a record for the first time since end of January
Investing.com - Citizens maintained its Market Outperform rating and $285 price target on Oracle Corporation (NYSE:ORCL) following the announcement of an expanded strategic partnership with Bloom Energy.
The partnership begins with Oracle contracting an initial 1.2 GW of capacity with the potential to reach up to 2.8 GW of capacity, according to Citizens analyst Patrick Walravens.
Oracle shares have fallen 17% year-to-date, compared with a 2% increase for the Russell 3000 index. The stock has declined 46% over the past six months, though it showed recent strength with a 14% gain over the last week. Trading at $163, the stock remains well below its 52-week high of $345.72.
Citizens reiterated its $285 price target on the stock.
The firm maintained its Market Outperform rating on Oracle.
In other recent news, Oracle has announced new artificial intelligence features for its Primavera Unifier software, enhancing project and asset management capabilities. These updates include AI-driven workflow summaries to assist teams in prioritizing tasks and reviews in capital project delivery. Oracle also introduced enhancements to its Aconex platform, adding document review processes and Inspection and Test Plan workflows for capital projects, which streamline document management and approval processes.
In a significant development, Oracle has partnered with Bloom Energy to deploy up to 2.8 gigawatts of fuel cells at its datacenters, with an initial contract for 1.2 gigawatts already underway in the U.S. RBC Capital has reiterated an Outperform rating for Bloom Energy following this expanded partnership. Additionally, KeyBanc has maintained an Overweight rating for Oracle, with a price target of $300, after attending the company’s AI World Tour Event in New York. These advancements reflect Oracle’s ongoing efforts to integrate AI into its services and expand its infrastructure capabilities.
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