Canaccord Genuity Says salesforce.com (CRM) is 'Structural Buy'; Raises Price Target to $95

Canaccord Genuity reiterated a Buy rating on salesforce.com (NYSE: CRM), and raised the price target to $95.00 (from $85.00), following the company's 3Q earnings report. CRM reported revenue and non-GAAP EPS of $1.71B and $0.21, which were respectively $12M and $0.02 ahead of Cannaccord's estimates.

Analyst Richard Davis commented, "Salesforce reported a “Classic Salesforce quarter.” This means marginal beats on just about every line item that even adjusted for the “talk down” in July, should be enough to reassure investors that the biggest cloud software company has plenty of gas in the tank. While we will suggest over- and under-weight moments, Salesforce is a “structural buy” which means that we believe the stock should be a core holding for many years to come. We continue to expect Salesforce will become the first $100 billion market cap cloud business software company – within five years. As such, investors should expect the stock to appreciate 15-19% annually at least through 2020. BUY."

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 $77.35 yesterday.

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