CITIC Securities raised the Oracle rating to holding, with a target price of 200 US dollars; FY26Q2 revenue was 16.06 billion US dollars, IaaS revenue increased 68%, unfulfilled orders reached 523 billion US dollars, and capital expenditure rose sharply to 50 billion US dollars, causing short-term concerns. However, the low price+multi-cloud strategy is expected to unleash long-term growth potential, and revenue will be released at an accelerated pace after improving production capacity. The current stock price fully reflects the pressure on capital expenditure, and the target price reflects neutral expectations.

CITIC Securities raised the Oracle rating to holding, with a target price of 200 US dollars; FY26Q2 revenue was 16.06 billion US dollars, IaaS revenue increased 68%, unfulfilled orders reached 523 billion US dollars, and capital expenditure rose sharply to 50 billion US dollars, causing short-term concerns. However, the low price+multi-cloud strategy is expected to unleash long-term growth potential, and revenue will be released at an accelerated pace after improving production capacity. The current stock price fully reflects the pressure on capital expenditure, and the target price reflects neutral expectations.