The firm upgraded the technology stock to outperform from in line and increased its price target to $135 from $131.
Analyst Kirk Materne said Oracle's 13% slide since mid-September presents investors with a strong buying opportunity, while the company will continue to grow its cloud segment.
"We believe that the recent pullback after F1Q results creates a more compelling entry point for Oracle for those investors willing to take a 6-9 month view," Materne said.
Despite its recent decline, Oracle shares are up roughly 35% for 2023.
ORCL YTD mountain Oracle stock in 2023 — CNBC's Michael Bloom contributed to this report.
Persons:
Evercore, Kirk Materne, Materne, —, Michael Bloom
Organizations:
ISI, Oracle, Oracle Cloud Infrastructure