Buy salesforce.com (CRM) Amid Cautious Sentiment - Stifel
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Stifel analyst om Tom Roderick reiterated his Buy rating and $93 price target on salesforce.com (NYSE: CRM) ahead of results on August 31st, after the market close. The analyst said there is no better time to buy CRM then when the sentiment light starts flashing yellow.
Roderick said while recent Street sentiment shifting toward a more cautious stance, they see a setup in the stock eerily similar to the months after salesforce.com acquired ExactTarget in 2013.
He said the temptation to try and time a near-term cautious trading call might seem appealing to some, but they think it's a myopic view.
"CRM has simply become a second half stock, and we see no compelling reason for investors to get spooked out of the stock in front of the Dreamforce in October," he said.
Shares of salesforce.com closed at $78.02 yesterday.
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