salesforce (CRM) PT Lifted to $83 at Cowen; Beat Driven by Enterprise Surge

Cowen analyst Jesse Hulsing reiterated an Outperform rating and boosted his price target on salesforce.com (NYSE: CRM) to $83.00 (from $73.00) following strong Q4 results driven by a surge in enterprise.

commented, "CRM bested our y/y billings growth estimate by nearly 800bps. We think the company is in early stages of a multi-year period of enterprise penetration driven by a maturing and broadening solution set & ecosystem, a strong secular tailwind in its end markets, and an enterprise focus at the sales leadership level. We view this move to the enterprise as a sustainable tailwind for growth and margins."

The firm raised FY 2016 EPS from $0.66 to $0.69.

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 $62.87 yesterday.

You May Also Be Interested In

• Morgan Stanley Upgrades Macquarie Group Ltd. (MQG:AU) (MQBKY) to Overweight
• Commerce Bancshares (CBSH) PT Raised to $54 at Piper Sandler
• Ellington (EFC) PT Lowered to $13.50 at BTIG