salesforce.com (CRM) PT Raised to $305 at BMO Capital

BMO Capital analyst Keith Bachman raised the price target on salesforce.com (NYSE: CRM) to $305.00 (from $265.00) while maintaining a Outperform rating.

The analyst commented, "We thought CRM could guide to 8%-8.5% y/y CC CRPO growth for the October Q, and we think the 8.5% y/y CC guide was roughly in line with investor expectations though perhaps at the lower end. Additionally, we find the margin guide raise encouraging given growth is expected to continue decelerating. At a higher level, we think Salesforce, and other software companies, are in the early innings of a multi-year revenue transition from seat based to consumption based transactions. We remain Outperform and increase our price target to $305."

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