CITIC Securities upgrades Oracle to Buy rating with a target price of $200.

CITIC Securities raised Oracle to a hold rating with a target price of $200; FY26Q2 revenue was $16.06 billion, IaaS revenue increased by 68%, unfulfilled orders reached $523 billion, and capital expenditures were significantly increased to $50 billion, causing short-term concerns. However, the low-cost + multi-cloud strategy is expected to release long-term growth potential, and revenue will accelerate after capacity improvements. The current stock price already reflects capital expenditure pressure, and the target price reflects neutral expectations.