salesforce.com (CRM) Q2 'Solid' Across the Board, Needham & Company Says
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Needham & Company analyst Michael Huang reiterated a Buy rating and $70 price target on salesforce.com (NYSE: CRM) following a solid across-the-board quarter.
Huang commented, "Q2 was solid across the board, which suggests the health of fundamentals and secular trends. We’re encouraged by the double digit improvement in large deal activity, which likely reflects the credibility of the company’s industry vertical positioning and comprehensive platform strategy. Additionally, we’re intrigued by the prospects of another cloud offering which could be announced by year end (at Dreamforce in Oct 2014), which suggests another compelling growth driver that could layer onto the model longer term."
For FY15, management raised the midpoint of revenue guidance by $30 million, to $5.34-5.37 billion (vs. previous guidance of $5.30-5.34 billion vs. Street estimate of $5.29 billion).
The firm set a FY 2016 EPS estimate of $0.66.
Shares of salesforce.com closed at $55.71 yesterday.
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