Oracle price target lowered to $190 from $210 at Piper Sandler

Piper Sandler lowered the firm’s price target on Overweight-rated Oracle (ORCL) to $190 from $210 on a lower 2026 target price to earnings of 25-turns, assuming backlog growth on a year-over-year basis peaks in 2025 and begins to moderate into 2026. The record increase in RPO backlog suggests no signs of slowing demand for AI infrastructure, the firm says. While bears highlight margin pressures given the OCI revenue mix shift, the model overall remains poised to sustain double-digit EPS growth via improving top-line growth and buybacks that can help offset slightly lower operating margin, Piper adds.