** Cloud operators such as Amazon.com AMZN.O, Microsoft MSFT.O, Google GOOGL.O and Oracle ORCL.N are seeing renewed demand as they provide the computing backbone for AI agent workloads, Melius Research says

** Traditional software-as-a-service (SaaS) cos like Salesforce CRM.N, Adobe ADBE.O and Workday WDAY.O likely becoming less attractive - brokerage

** Brokerage recommends software cos that own and operate cloud infrastructures, citing their stronghold on top software engineers and advanced tools development that can replace or outperform traditional SaaS solutions

** Brokerage lifts PT on MSFT to $595 from $520; says co is well-positioned to secure substantial value from OpenAI partnership with shareholder benefit

** Raises PT on ORCL to $270 from $230; Oracle's Cloud Infrastructure should benefit from Stargate project

** Lifts PT on CoreWeave CRWV.O to $110; CRWV up 1.1% at $127.01 premarket

** In premarket trading, MSFT down 0.5% at $501.08; ORCL down 0.7% at $228.94; AMZN down 0.4% at $224.24; GOOGL down 0.6% at $179.20

(Reporting by Jaspreet Singh in Bengaluru)

((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))