Mizuho Securities Reiterates Buy on salesforce.com (CRM) Following Announced Acquisition
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Mizuho Securities reiterated a Buy rating and $100.00 price target on salesforce.com (NYSE: CRM) following the company's announced decision to purchase Beyondcore. The acquisition is very small and is inline with Salesforce.com's historical practice of buying technology tuck-ins.
Analyst Abhey Lamba commented, "CRM announced its decision to purchase Beyondcore, an AI company that will be integrated with CRM's Analytics Cloud. While the terms of the deal were not announced, we think Beyondcore has about 25-30 employees and claims to have 23 F500 companies as customers. We think the amount paid by CRM for this acquisition is likely immaterial but it will be dilutive to profitability, cash flow and earnings in the near-term."
Shares of salesforce.com closed at $78.92 yesterday.
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