Wedbush Reiterates Outperform on (CRM) Following 2Q Report

September 1, 2016 8:00 AM EDT
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Price: $74.95 -0.15%

Rating Summary:
    50 Buy, 8 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Wedbush maintained an Outperform rating on (NYSE: CRM), and cut the price target to $96.00 (from $98.00), following the company's 2Q earnings report. Revenue of $2.0B was $17M above consensus, and the company beat EPS estimates by $0.02. Industry and partner checks don’t point to any secular headwinds for CRM’s business.

Analyst Steve Koenig commented, "Although we’re disappointed in 2Q results, we remain constructive on CRM shares in the 2H and on a 12-month basis. Our industry and partner checks don’t point to any secular headwinds for CRM’s business, nor do we see any structural changes in the company’s market opportunity. Although there have been some concerns about the future impact of Brexit and the U.S. election voiced by management teams in our universe, we haven’t seen any systematic signs of an industry-wide slowdown. With shares trading at just over 5x revenue and 32x FCF on EV/ FY17 estimates, we expect tomorrow’s entry point to lead to an attractive return over the next quarter and 12 months."

For an analyst ratings summary and ratings history on click here. For more ratings news on click here.

Shares of closed at $79.42 yesterday.

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