Needham & Company Raises PT on (CRM) to $200

March 1, 2013 9:04 AM EST
Get Alerts CRM Hot Sheet
Price: $79.97 -0.55%

Rating Summary:
    46 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 0 | New: 0
Trade CRM Now!
Join SI Premium – FREE
Needham & Company raised its price target on (NYSE: CRM) from $180 to $200 following solid results.

The firm comments, "Salesforce delivered a solid bookings quarter (up 28% y/y vs. up 31% y/y in 3Q vs. up 30% y/y in 2Q), which in our view reflects secular tailwinds, compelling product cycles (ServiceCloud, Platform, MarketingCloud), impressive large deal activity (7 and 8-figure deals up 50% y/y) and sustained competitive leadership... While 28% bookings growth (which benefited from favorable FX and an early renewal of a mega deal) may not have been blockbuster spectacular, we believe this level of growth is solid enough (and encouraging) considering macro uncertainty, European exposure, FX headwinds, and a generally weakening enterprise IT spending environment, which we think represent only mild/temporary headwinds."

The firm raised FY14 EPS from $1.88 to $1.97 and sees FY15 EPS of $2.78.

For an analyst ratings summary and ratings history on click here. For more ratings news on click here.

Shares of closed at $169.22 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

Related Entities

Needham & Company

Add Your Comment