Database giant Oracle Corp (NYSE:ORCL) shares soared on Thursday as brokers rushed to upgrade following better than expected fourth quarter numbers.
Oracle delivered a second consecutive quarter of revenue outperformance and EPS accelerated, said Wedbush.
"The shares will likely be up sharply in the morning, but we see potential for sustained follow-through on positive price action", added the broker.
Better SaaS (pay-as you-go) visibility in the applications business prompted an upgrade to 'outperform'.
In applications, Wedbush also said it is past the hump in the move to a cloud-based business while solid database licensing activity also drove the earnings growth.
Net income was up 15% to US$3.23bn, or 76 cents a share, in thethree months to May on revenues of US$10.89bn. It was the final quarter in its 2017 fiscal year.
Oracle shares added 8.57% at $50.30 on the day.