Bank of America analysts reinstated coverage on Oracle with a Buy rating and a $200 price target implying roughly 30% upside. They highlighted a $553 billion backlog tied to AI training and cloud infrastructure deals, noting that 57% extends beyond three years and 22% beyond five, which raises timing, execution and customer concentration concerns.

The firm also kicked off coverage on Nebius with a Buy rating and a $150 target, pointing to its AI Infrastructure-as-a-Service platform optimized for GPU-heavy workloads. Nebius is working with major clients such as Microsoft and Meta, with Meta planning up to $27 billion in infrastructure spending over five years and Nvidia committing $2 billion, within an estimated $419 billion market by 2028.

Bank of America shares closed at $48.14, up 1.3% from the prior session while the broader market declined, reflecting investor response to the boosted AI coverage and underlying sector momentum.