After the tech giant crushed earnings late Wednesday, Redwood City, Calif.-based Oracle Corp. (ORCL) got another boost on a bullish analyst note from UBS.

Shares of the computer technology company have rallied 10% since its fourth-quarter beat, in which the company also upped its current-quarter guidance. The stock saw its largest one-day gain in two and a half years, trading at more than 17 times adjusted forward earnings, its highest multiple in at least nine years. Analysts suggest ORCL is only going up from here as its cloud computing focus and better revenue streams drive growth. (See also: Oracle Is Launching a Next-Gen Technologies Unit.)

Cloud Computing, SaaS to Accelerate EPS Growth

In the most recent quarter, Oracle posted earnings of $0.89 per share, compared to the Street’s forecasts at $0.78 EPS. Sales up 2.8% year-over-year (YOY) to $10.9 billion also surpassed the consensus for $10.5 billion. Chief Executive Safra Catz attributed the strong quarter to “rapid adoption of the Oracle Cloud,” led by the 75% growth in the company’s SaaS business. “This hypergrowth is expanding our operating margins, and we expect earnings per-share growth to accelerate in fiscal 2018,” said Catz.

“The durability of the margin profile and management’s reiteration of delivering accelerating operating income growth, margin expansion (mid-40%s), and double-digit EPS growth in FY18 is clearly taking center-stage,” wrote UBS analyst Fatima Boolani, who set a new price target on ORCL at $52. Bernstein analysts project a “further re-rating” for Oracle if its next few reports maintain similar trends.

Analysts at Argus also followed up earnings with a bullish note, upgrading the stock to buy from hold with a $61 price target. “Oracle’s primary execution task is now to accelerate the conversion of its blue chip customer base to the cloud,” wrote analyst Joseph Bonner.

Closing up 1.3% on Friday at $50.97, ORCL reflects a 27% gain over the most recent 12-month period and a 32.6% return year-to-date (YTD). (See also: Amazon, Microsoft Still Rule Cloud; Oracle, Alibaba May Catch Up.)

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