Oracle jumps on new cloud deal set to generate $30 billion in annual sales
Shares of Oracle ORCL.N rise 6% to $222.90 premarket
ORCL says has signed cloud services agreement that is expected to contribute more than $30 billion to annual revenue starting in fiscal year 2028
CEO Safra Catz is expected to announce to other Oracle employees later today that the co's cloud revenue continues to grow at over 100%, according to a filing
ORCL did not disclose its customer for this cloud agreement
Earlier this month, ORCL said its cloud division was working with Elon Musk's xAI to offer the startup's latest AI model to customers
Separately, Stifel upgrades stock to "buy" from "hold", citing strong momentum in its Cloud business
Increases PT to $250 from $180, implying an 18.91% upside to stock's last close
ORCL rated "buy" on average; median PT is $220, according to data compiled by LSEG
YTD, ORCL up 26.16%
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