salesforce.com (CRM) Price Target Raised to $80 at Deutsche Bank
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Rating Summary:
45 Buy, 19 Hold, 2 Sell
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Up: 17 | Down: 14 | New: 17
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Deutsche Bank maintained a Buy rating on salesforce.com (NYSE: CRM) and raised its price target to $80.00 (from $70.00). The change follows Q4 results. Analyst Karl Keirstead said sales lead Keith Block and his team delivered.
"This was a key print for Salesforce.com (SFDC), as it was the first fourth quarter with the new sales leader Keith Block, his leadership team and their new sales playbook in place. They delivered. Billings growth was an estimated 37% in c/c and 30% in dollars in 4QF15, although c/c billings growth was likely closer to low-30% excluding a few one-time factors. SFDC guided to reported 1QF16 DR growth of 25%-30% (we estimate 30%-35% in c/c), better than expected. SFDC also reaffirmed guidance for 125-150bps of non-GAAP OM improvement, despite 25-50bps of FX pressure. We reaffirm our BUY rating and raise our PT to $80," said Keirstead.
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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