salesforce.com (CRM): Checks Point To Low Penetration - Wedbush
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
Wedbush analyst, Steve Koenig, reiterated his Outperform rating on shares of salesforce.com (NYSE: CRM) noting that Investor sentiment has grown more negative in the wake of the disappointing 2Q. Short interest of 2.9% is now at a 12-month high. The company’s $2.8B acquisition of Demandware and unsuccessful attempt to buy LinkedIn has also fueled concerns that it’s trying to cover up decelerating organic revenues.
The analyst's 3Q checks support the view that the company’s disappointing 2Q was a more due to deal-specific circumstances surrounding some of the larger opportunities than to a broad-based secular slowdown for the company, and that there will be a positive regression to the mean in 2H enterprise deal execution. Considering the negative sentiment surrounding CRM shares, the analyst believes this should be a catalyst for positive price action. We would be averaging into CRM shares at current levels, before and after the 3Q print.
No change to the price target of $96.
Shares of salesforce.com closed at $72.76 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rite Aid (RAD)/Walgreens (WBA) Antitrust Concerns Doesn't Mean Deal is Dead, Says Deutsche Bank
- UPDATE: Stifel Upgrades Abraxas Petroleum (AXAS) to Buy Amid Emerging Delaware Basin Potential
- Web.com, Inc. (WEB) PT Raised to $25 at BWS Financial Ahead of 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!