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1、North America Equity Research08 September 2025J P M O R G A NOracleContinue to See AI-Related Bookings Momentum;Expect Incremental Details on$30B Revenue/Year Contract Disclosed in Late JuneNeutralORCL,ORCL USPrice(05 Sep 25):$232.80Price Target(Dec-25):$210.00Prior(Dec-25):$185.00Software-Large Cap

2、/Mid&Small CapMark R Murphy AC(1-415)315-Arti Vula,CFA(1-415)315-Noah R Herman(1-212)622-Jaiden R Patel(1-212)270-J.P.Morgan Securities LLCQuarterly Forecasts(FYE May)Adj.EPS ($)2025A2026E2027EQ11.391.481.72Q21.471.611.91Q31.471.672.02Q41.701.992.40FY6.036.758.05Style ExposureHeading into Oracles FQ

3、1(August)earnings results,we continue to see ongoing momentum across core AI infrastructure bookings in the broader tech industry.We are favorably impressed by Oracles successes within the AI arena and the cadence of securing large OCI-related bookings in support of its future growth.Balancing this

4、view,Oracle continues to carry a relatively premium multiple of 33x CY26E GAAP operating income compared to its peers which trade at 22x.We expect investors will monitor for Oracles ability to show bookings momentum as it begins to deliver on its existing OCI commitments,executing on existing contra

5、cts and converting bookings to revenue.Overall,we are constructive on nearer-term trends for Oracle as AI-related activity and bookings flow continues seemingly unabated,with Oracle as one of the beneficiaries,while software sentiment,though more positive for the infrastructure layer than the app la

6、yer,remains fragile.We are raising our PT from$185 to$210,reflecting a 30 x CY26E GAAP operating income multiple,materially above the peer group at 22x and also 24x,26x,and 19x for MSFT,AMZN,and GOOG,respectively.Key Thoughts:1)AI&Data Center CapEx Trends Suggest Infrastructure Momentum Should Conti