(CRM): Cutting PT Ahead Of Earnings - Cowen

November 14, 2016 6:27 AM EST
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Price: $72.07 +0.40%

Rating Summary:
    51 Buy, 7 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 21 | Down: 18 | New: 19
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Cowen analyst, Derrick Wood, reiterated his Outperform rating on shares of (NYSE: CRM) but cut his price target to $95 ahead of CRM reporting 3Q on 11/17.

The analyst's survey work shows an improvement from last quarter increasing the confidence in his estimates ~15% cc billings growth forecast, though there seems to be lingering overhangs from price hikes that may be restraining pipeline re-acceleration.

The analyst still sees room for upside vs. Street consensus and for stock to drift higher. However, he is adjusting estimates lower for FX headwinds bringing the PT down to $95 from $100.

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

Shares of closed at $74.59 yesterday.

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