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大行評級|花旗:下調甲骨文目標價至160美元 第三財季財報好壞參半
格隆匯 03-13 17:39
花旗發表研究報告指,甲骨文截至2月底止第三財季財報好壞參半,雲端基礎架構(OCI)業務增長放緩及匯兌因素,拖累收入低於預期,剩餘履約義務(RPO)按固定匯率計算按年增長63%。雖然市場預期Stargate項目將帶來大量訂單,但尚未在本季內體現。花旗指,由於零部件延遲交付所導致的算力限制仍困擾著甲骨文,令第四財季指引較弱,相信要到2026財年情況應會有所緩解,整體前景預測基本保持不變。由於雲業務增長放緩,該行將業務增長預測由30%輕微下調至28%,目標價相應由194美元下調至160美元。雖然甲骨文的訂單數字令人印象深刻,但花旗認爲OCI業務在收入轉化和利潤率方面仍存在不確定性,維持“中性”評級。
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