Needham & Company Raises PT on salesforce.com (CRM) to $200
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Price: $46.79 +1.39%
Rating Summary:
31 Buy, 3 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
31 Buy, 3 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Needham & Company raised its price target on salesforce.com (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 salesforce.com click here. For more ratings news on salesforce.com click here.
Shares of salesforce.com closed at $169.22 yesterday, with a 52 week range of $120.18-$178.91.
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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 salesforce.com click here. For more ratings news on salesforce.com click here.
Shares of salesforce.com closed at $169.22 yesterday, with a 52 week range of $120.18-$178.91.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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