Oracle shares rose 2% to $157.13, extending a 5.7% gain on Thursday after Federal Reserve Governor Christopher Waller backed stable interest rates pending more inflation data. The move came as Wall Street updated its views ahead of Oracle’s first-quarter fiscal 2027 earnings report, scheduled for September 10 after the closing bell. Morgan Stanley raised its price objective to $210 from $207 while retaining an Equalweight rating, citing improved margins in Oracle’s GPU-as-a-Service operations and applying about 19 times its calendar 2028 non-GAAP EPS forecast of $10.98. Bernstein reaffirmed Outperform and said Oracle may be nearing the end of its capital-raising needs, while Jefferies kept Buy but cut its target to $290 from $320, identifying 115% OCI revenue growth and a 41% operating margin as key measures. Mizuho maintained Outperform with a $320 target and highlighted an expanded Department of Veterans Affairs agreement, whose maximum value rose by about $17 billion and may run through May 2031. Options pricing implies a potential 10% move in either direction around the earnings release. Investors remain focused on Oracle’s $638 billion Remaining Performance Obligations balance, cloud growth, AI infrastructure spending, debt and cash flow. Oracle’s fiscal 2026 capital expenditure was about $55.7 billion, free cash flow was negative $23.7 billion and the company planned $45 billion to $50 billion of financing. The shares remain about 20% lower year-to-date, while Morgan Stanley cited execution risks and constrained free cash flow despite its higher target.