Wedbush Upgrades Salesforce.com (CRM) to Outperform

November 24, 2009 9:02 AM EST

Wedbush upgrades Salesforce.com (NYSE: CRM) from Neutral to Outperform and raised their price target from $63 to $74, saying the company is well-positioned for an economic upturn in 2010.

Analyst Michael Nemeroff said, "we believe they will appreciate more relative to many of the other stocks in our coverage universe over the next 12 months, given the company's strong and stable base of recurring revenue and low and very achievable expectations for growth in F2011. To be sure, as the global economic environment slowly lifts from its protracted decline, we believe CRM is in an optimum position to capitalize on improving business trends such as enterprises shifting their primary imperatives to revenue generating activities from cost-savings. This shift could be precipitated by increases in sales capacity (i.e., hiring), which likely would benefit Salesforce.com's core SFA product sales."

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