Needham & Company Raises Estimates on salesforce.com (CRM); Overstated Concerns Out The Window
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Price: $274.46 +0.24%
Rating Summary:
45 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
Rating Summary:
45 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 15 | Down: 11 | New: 13
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Needham & Company maintains a 'Buy' on salesforce.com (NYSE: CRM) price target of $160.00.
Analyst, Michael Huang, said, "Salesforce delivered yet another strong and impressive bookings quarter (up 34% y/y, up 36% normalized for term length), which likely helps mitigate skeptics’ concerns over the direction of trends.
We continue to believe that salesforce is the highest quality and largest scaled SaaS name in our universe, best leveraged to the rising strategic importance of SaaS and Enterprise Social trends."
"For FY13, we are raising our revenue estimate to $3 billion (from $2.95 billion) and our EPS estimate to $1.65 from $1.63."
For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.
Shares of salesforce.com closed at $133.80 yesterday.
Analyst, Michael Huang, said, "Salesforce delivered yet another strong and impressive bookings quarter (up 34% y/y, up 36% normalized for term length), which likely helps mitigate skeptics’ concerns over the direction of trends.
We continue to believe that salesforce is the highest quality and largest scaled SaaS name in our universe, best leveraged to the rising strategic importance of SaaS and Enterprise Social trends."
"For FY13, we are raising our revenue estimate to $3 billion (from $2.95 billion) and our EPS estimate to $1.65 from $1.63."
For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.
Shares of salesforce.com closed at $133.80 yesterday.
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