salesforce.com (CRM) Target Raised at Macquarie Following Survey and Ahead of Results

November 15, 2013 12:39 PM EST Send to a Friend
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Price: $58.19 -0.19%

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    37 Buy, 7 Hold, 3 Sell

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    Up: 13 | Down: 18 | New: 41
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Macquarie analyst Brad Zelnick reiterated an Outperform rating and raised his price target on salesforce.com (NYSE: CRM) from $50 to $60 following their Q4 partner survey, which supports our constructive view of CRM shares heading into results.

"Net 43% of respondents indicated their SFDC related businesses performed above plan during the period (% above plan minus % below)," Zelnick notes. "This compares with 45% last quarter and 47% a year ago. Adjusted Street billings growth at +25% y/y organic constant currency (+33% reported) compares with last quarter’s +27% (duration adjusted organic CC) and appears achievable based on our inputs. Beyond our survey, feedback from significant partners suggests a noticeable uptick in deal activity from 1H14. We believe F3Q results and Dreamforce can be positive catalysts for CRM shares and we are raising our target price to $60."

CRM reports Q3 results on November 18, after the close.

For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.

Shares of salesforce.com closed at $56.99 yesterday.


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