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

March 1, 2013 9:04 AM EST Send to a Friend
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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.

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Shares of closed at $169.22 yesterday.

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