Piper Affirms salesforce.com (CRM) at 'Overweight' into Q2 Print; Sees Potential Buying Opp. Ahead of Strong H216
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Piper Jaffray reaffirms salesforce.com (NYSE: CRM) at Overweight with a price target of $100 into Q2 results.
ANalyst Alex Zukin commented today,
Our checks indicate a somewhat lighter new business quarter than prior periods with typical 2Q seasonality combining with a few one-time factors that we discuss in this report. Importantly, we do not believe these issues to be structural or competitive in nature and, therefore, are not adjusting our thesis, rating or price target. Given what we view to be several positive catalysts in the 2H, we believe investors may see attractive entry points in the near term. CRM’s stock has been a habitual outperformer, on both a relative and absolute basis, during the company’s fiscal 2H. Over the past 5 years, the stock has posted positive returns in excess of both the NASDAQ and S&P 500 from the 2Q report to 4Q report.
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