salesforce.com (CRM): Cutting PT Ahead Of Earnings - Cowen
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesRaising Prices, Cowen & Co, Earnings
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