Jefferies Maintains Cautious Stance on Salesforce (CRM) Following Weak Qtr

September 1, 2016 7:38 AM EDT
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Jefferies analyst John DiFucci reiterated a Hold rating and $80 price target on (NYSE: CRM) following a weak quarter with little clarity.

DiFucci commented, "CRM beat headline expectations but missed billings, and New Sub ACV declined modestly yoy. F3Q guidance was below consensus, while FY rev guidance was raised by less than the beat, EPS maintained, and cash flow lowered. Mgmt blamed weakness in the US at the end of the Q, though we believe new business growth in Europe also slowed, but was better than the US. Clear reasons were not given; we wonder if a subsequent operational review will resolve any issues."

The firm trimmed Q3 EPS from $.24 to $0.21 but raised FY 20147 EPS from $0.93 to $0.95.

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.

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