11:28 AM EDT, 03/12/2024 (MT Newswires) -- Oracle's (ORCL) cloud growth metrics for fiscal Q3 are "solid," with Oracle Cloud Infrastructure growing 49% in constant currency, BofA Securities said in a note Tuesday.

BofA said the growth "stands out" to it, slowing down "slightly" from 50% in the previous quarter "on sustained demand and execution."

"It is encouraging that strength is coming from newer solutions such as OracleDB on Azure and the high performance Alloy offering," the firm said. "This bodes well for future growth."

For fiscal Q4, the firm said that Oracle's cloud growth outlook of 22% to 24% is "solid" even though it's below the 24% to 25% expected by analysts.

BofA maintained its neutral rating on Oracle stock and lifted the price objective to $144 from $122.

Oracle shares jumped nearly 11% in recent trading.

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