salesforce.com (CRM) Target Lifted to $70 at Needham & Company After Solid Q3

November 19, 2013 9:12 AM EST Send to a Friend
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Needham & Company analyst Michael Huang reiterated a Buy rating and raised his price target on salesforce.com (NYSE: CRM) from $50 to $70 following Q3 results which were 'solid across the board'.

Huang comments, "Q3 was solid across the board, highlighted by impressive bookings growth especially at salesforce's scale, accelerated total backlog growth, strength across product areas, customer segments, and geographies, impressive 3rd party developer and ISV growth, impressive customer wins, solid CFO growth, notable rev upside, the announced launch of a strategic HP partnership, and the announced launch of Salesforce1. In our view, Salesforce remains the highest quality, best-scaled SaaS vendor in our universe and we expect this week's annual Dreamforce conference to be a source of positivism for shares."

The firm adjusted FY 2013 EPS from $1.36 to $1.63 and FY 2014 EPS from $1.63 to $0.33.

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 $55.51 yesterday.




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