Wachovia Raises PT on salesforce.com (CRM) to $70-$75
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Wachovia is out with a research note today raising its earnings estimates on salesforce.com (NYSE: CRM). The firm maintains an Outperform rating and raised its valuation range from $65-$70 to $70-$75.
The firm called salesforce.com's software-as-a-service approach the "best-positioned to continue leading the market." Wachovia believes Microsoft's (Nasdaq: MSFT) entry into the CRM market will cause the space within this market to grow as it will increase "awareness among many customers not yet accustomed to the on-demand model." At the same time, Wachovia believes Microsoft will not threaten salesforce's market share as the "hybrid approach and lack of analytics functionality to date leave the offering trailing salesforce.com."
Wachovia lifted its FY09 EPS estimate on salesforce.com from $0.71 to $0.72 and its FY09 estimate from $1.04 to $1.16. The Street currently expects FY08 and FY09 EPS of $0.34 and $0.64, respectively.
salesforce.com, inc. provides on-demand customer relationship management (CRM) services to businesses and industries worldwide. [BCS]
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