Not Much New at Salesforce's (CRN) Analyst Day, But Tone Still Positive - BTIG

October 5, 2016 7:47 AM EDT
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BTIG reaffirmed its Buy rating and $100 price target on (NYSE: CRM) following the company's Analyst Day this week.

The firm commented, The company didn’t cover much new ground at the Analyst Day, but the tone was bullish (as usual). Most importantly, in light of the recent spending spree, Salesforce reiterated its revenue growth and margin framework of 20-30% y/y and +100-300bps annually for the “foreseeable future” (leaving aside persistent rumors around transformational deals). Overall, the company sees $10 billion in revenues next fiscal year (FY18), and believes there’s a clear line of sight on the next $10 billion, all in the backdrop of an addressable market that should reach >$100 billion by 2020. Given the discrepancy between current results and available opportunity, Salesforce definitely has some heavy lifting to do. However, despite renewed competitive tensions with an old frenemy, we still see the company as best positioned to help enterprise customers with their digital transformations.

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