Salesforce (CRM) Beat Reinforces Highest Conviction Idea At Stifel

Stifel analyst, Tom Roderick, reiterated his Buy rating on shares of salesforce.com (NYSE: CRM) after the company posted a big 3Q19 beat. Results handily exceeded expectations for revenue, EPS and unearned revenue. Guidance increased to $16bn for 2019 revenues, ahead of Consensus by over $150mn.

The analyst stated "Management highlighted continued strength in Financial Services, led by a nine-figure customer renewal/expansion, while broader strength was complemented by anecdotal strength in US federal government and ongoing EMEA success. The company also pointed to positive early returns from the MuleSoft acquisition, with enterprise executives suggesting integration has become a strategic imperative as they unlock the value from disparate technology systems".

No change to the price target of $175.

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 $139.84 yesterday.

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