BMO Capital Cuts Price Target on (CRM) to $86 Following 2Q Report

September 1, 2016 10:02 AM EDT
Get Alerts CRM Hot Sheet
Price: $76.03 +0.61%

Rating Summary:
    51 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade CRM Now!
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.

BMO Capital maintained an Outperform rating on (NYSE: CRM), and cut the price target to $86.00 (from $98.00), following the company's 2Q earnings report. Revenue and EPS were ahead of consensus estimates. However, billings came in weaker than expected.

Analyst Keith Bachman commented, "As we noted in our earnings preview, we thought's upside this quarter would be less than historical trends and that there might be some disappointment in guidance. However, the billings results for the July quarter were weaker than we thought, at 15% y/y growth vs. our expectation of ~20% y/y growth. Further, billings guidance of about 12%-14% seems disappointing, though billings will have a lot of moving parts this quarter, including FX and Demandware. As such, we are lowering our estimates and our target price from $98 to $86."

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

Shares of closed at $79.42 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

BMO Capital, Earnings

Add Your Comment