(CRM) Sees Share Gains in Middleware - Oppenheimer

January 30, 2013 12:11 PM EST
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Price: $76.16 +0.17%

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Oppenheimer boosted its price target on Outperform-rated (NYSE: CRM) from $180 to $200 saying checks reveal CRM as a middleware share gainer.

"Recent customer due diligence sessions indicate a trend toward using the platform as a data integration solution is escalating, which carries positive implications for CRM's growth, TAM, and ability to sustain its current large deal momentum," analyst Brian Schwartz states. "This feedback reinforces other indications from larger system integrators that's adoption is happening deeper in its customer's operations."

Schwartz bottom lines it: "As large companies go through the process of re-engineering their IT systems architecture toward cloud services, we expect demand for as a middleware-as-a-service solution to surge. This suggests an attractive yet nascent up-sell/cross sell opportunity for the platform, as a data integration solution exists and should lead to further share gains, in our view."

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Shares of closed at $174.69 yesterday.

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