salesforce (CRM) PT Lifted to $83 at Cowen; Beat Driven by Enterprise Surge
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Rating Summary:
45 Buy, 19 Hold, 2 Sell
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Today's Overall Ratings:
Up: 11 | Down: 13 | New: 19
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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.
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