salesforce.com (CRM): Growth Not Reliant On Acquisitions - Cowen
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Cowen analyst, Derrick Wood, reiterated his Outperform rating on shares of salesforce.com (NYSE: CRM) after the share price retrenched after its beat/raise quarter. The EV/Sales valuation has returned to the ~5x trough.
The analyst thinks that the main for the overhang is Benioff's comment that he wants to double the co. in 3-4 yrs, leading many to interpret that to mean M&A dilution/disruption risk remains elevated. The analyst doesn't agree and believes CRM can reach a $15 bln revenue run rate by CY19, and be in a position to generate ~$17 bln in revenue in CY20. This compares to a forecast of $8.375 bln in CY16.
No change to the price target of $95.00
Shares of salesforce.com closed at $72.93 yesterday.
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