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

September 1, 2016 10:02 AM EDT
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Price: $74.69 -0.49%

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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."

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Shares of closed at $79.42 yesterday.

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