Piper Sandleranalyst Brent Bracelin reiteratedOracle Corp(NYSE:ORCL) with an Overweight and a $130 price target.

Oracle reported revenue of $12.45 billion, up 9% year-over-year, and first-quarter adjusted earnings per share of $1.19, beating a Street consensus estimate of $1.15.

The 9% and 16% growth rates in revenue and non-GAAP EPS during 1Q indeed suggest that the decade of 1% growth is now behind ORCL. That said, the 2Q growth outlook was lower at 3% to 5% (vs. 8% this quarter), even with healthy underlying growth for Oracle Cloud, which grew by 29% Y/Y (vs. 33% Y/Y last quarter).

While headwinds to the non-cloud and Cerner...