Analysts Say (CRM) Q3 Good Enough

November 21, 2012 10:23 AM EST
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Yesterday (NYSE: CRM) reported Q3 earnings and revenue that topped estimates.

Commenting on the quarter, analyst Michael Huang of Needham and Company said, "Salesforce delivered a solid bookings quarter, which could mitigate some skeptic concerns around the direction of underlying trends."

Unlike most other tech bellwethers, Haung pointed out that salesforce has not experienced a meaningful deterioration of sales or close rates.

"While 31% bookings growth may not have been blockbuster spectacular, our sense is that this level of growth is solid enough (and encouraging) considering macro uncertainty, European exposure, FX headwinds, and a generally weakening enterprise IT spending,” added Haung.

He thinks salesforce is the highest quality and best scaled SaaS name.

Needham & Company has a Buy rating on with a price target of $180.00.

For an analyst ratings summary and ratings history on click here. For more ratings news on click here.

Shares of closed at $145.90 yesterday.

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