Buy salesforce.com (CRM) Amid Cautious Sentiment - Stifel
- Wall Street hits new high as post-election rally roars ahead
- ECB to scale back asset buys as it extends to end-2017
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Oil rises above $50 despite doubts over OPEC output cut
- Pre-Open Stock Movers 12/08: (VYGR) (TLRD) (LULU) Higher; (OHRP) (VRNT) (CMTL) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- Mizuho Securities Upgrades Tailored Brands (TLRD) to Buy
- Mizuho Securities Upgrades Lululemon Athletica Inc. (LULU) to Buy; Sees Upside Continuing
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!