salesforce.com (CRM): Cutting PT Ahead Of Earnings - Cowen
- Major stock indexes rise again to new records
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Third-Party Said Interested in PrivateBancorp (PVTB) as CIBC (CM) Deal is Delayed
- Insys Therapeutics (INSY) Sinks as Former Employees Arrested in Racketeering Scheme
- Lower for longer, ECB scales back asset buys
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Cowen analyst, Derrick Wood, reiterated his Outperform rating on shares of salesforce.com (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.
Shares of salesforce.com closed at $74.59 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- Mizuho Securities Upgrades Tailored Brands (TLRD) to Buy
- UPDATE: Stifel Downgrades AZZ Inc. (AZZ) to Sell
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesRaising Prices, Cowen & Co, Earnings
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!