Mizuho Securities Remains Bullish Ahead of Salesforce.com's (CRM) 2Q Release
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Mizuho Securities reiterated a Buy rating and $100.00 price target on salesforce.com (NYSE: CRM) ahead of the company's 2Q earnings report. Mizuho expects revenues of $2.035-2.040bn which is slightly above the high-end of guidance and compares with consensus of $2.019bn. EPS is expected to be in-line to slightly better than the upper end of outlook of $0.21-0.22 (vs. consensus of $0.23). FX is not likely to impact management's outlook with Yen strength offsetting the Pound weakness.
Analyst Abhey Lamba commented, "Salesforce.com reports F2Q17 results on August 29 after market close. Our checks suggest robust pipeline of large deals and continued momentum in the quarter. We expect revenues, billings & CFFO to come in above estimates while EPS could be in-line due to recent acquisition-related costs. For guidance, management could modestly raise its FY17 revenue forecast while reiterating EPS range. We maintain our Buy rating and $100 PT on potential upside to estimates while valuation seems reasonable given FCF growth prospects."
Shares of salesforce.com closed at $81.63 yesterday.
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