Piper Jaffray Assumes salesforce.com (CRM) at Overweight

Piper Jaffray assumes coverage on salesforce.com (NYSE: CRM) with a Overweight rating and a price target of $95.00 (from $77.00).

Analyst Alex Zukin commented, "We believe Salesforce to be in the midst of a secular growth opportunity in enterprise software. Having historically played on the theme of sales automation and moving software into the cloud, the company is now positioning itself as a strategic partner for digital transformation initiatives as well as an enterprise-wide system of engagement. Following a very strong 4Q earnings report and a sales realignment focused on verticalization, we believe the company is well-positioned for profitable growth. We would also note that the company is expected to deliver 20% FCF margins in FY17 while growing 22%. As a result, we assume coverage of Salesforce with an Overweight and $95 PT."

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 $73.83 yesterday.

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