智通财经APP获悉，投行WilliamBlair给予甲骨文(ORCL.US)“增持”评级。受益于云、数据库和应用业务的多重顺风因素，该行认为甲骨文目前仍处于增长拐点的早期阶段，对该公司保持乐观态度。
甲骨文第一季度的业绩预期略高于市场一致预期，预计年增长率为 13%。云业务的加速增长主要将来自 OCI 业务的加速(2026 财年增长 70%)，这主要是由于企业从本地许可迁移到云端的加速(该行预计增长 17%)，以及新代理 AI 能力带来的适度收益。与此同时，RPO 预计至少翻一番，代表着长期的预订量增长，以支持未来多年的稳健收入增长。
随着甲骨文开启更多的数据中心容量，在过去一年强劲的预订量增长开始体现在财务模型中。该行预计进入 2026 财年的收入和 RPO 增长加速，这表明该公司在 AI 投资周期的早期阶段，这将与应用和数据库向云端迁移的现有长期趋势相互叠加。不断提高的盈利能力和自由现金流应驱动股价持续升值。
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