UBS Raises Estimates and Price Target on salesforce.com (CRM); Strong Quarter with Blowout Backlog
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Price: $269.16 -1.02%
Rating Summary:
45 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
45 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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UBS reiterates a 'Buy' on salesforce.com (NYSE: CRM) price target raised from $180 to $190.
Analyst, Brent Thill, said, "23% sequential growth in contracted not billed backlog (up $500M) blew away even the most bullish call for 5-10% growth. Total backlog is now over $4Bn which is almost 50% larger than Oracle's (Nasdaq: ORCL) new applications license business this year. We believe this is an incredible feat considering off-balance sheet DR grew $700M for the entire year in FY12 ($2.2Bn from $1.5Bn in FY11). Even when we strip out the 2 large deals in Q4-Q1, results suggest broad based strength. Reiterate Buy as CRM is gaining market share & defining the future of enterprise cloud computing."
Thill raises FY13 EPS estimate from $1.60 to $1.63 and FY14 from $2.14 to $2.16.
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 $133.80 yesterday.
Analyst, Brent Thill, said, "23% sequential growth in contracted not billed backlog (up $500M) blew away even the most bullish call for 5-10% growth. Total backlog is now over $4Bn which is almost 50% larger than Oracle's (Nasdaq: ORCL) new applications license business this year. We believe this is an incredible feat considering off-balance sheet DR grew $700M for the entire year in FY12 ($2.2Bn from $1.5Bn in FY11). Even when we strip out the 2 large deals in Q4-Q1, results suggest broad based strength. Reiterate Buy as CRM is gaining market share & defining the future of enterprise cloud computing."
Thill raises FY13 EPS estimate from $1.60 to $1.63 and FY14 from $2.14 to $2.16.
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 $133.80 yesterday.
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