Salesforce (CRM): Morgan Joesph Sees Continued Growth Through Customer Expansion
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Price: $206.64 +0.59%
Rating Summary:
48 Buy, 20 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
48 Buy, 20 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Morgan Joesph analyst Illya Grozovsky reiterated its Buy rating on shares of Salesforce.com (NYSE: CRM) on Tuesday heading into the company's fourth-quarter results next Thursday.
The analyst sees the software maker reporting revenue just below the Street's estimate, while beating on earnings by a penny at 27 cents per share.
Grozovsky said that Salesforce to benefit from subscription revenue expansion due to the growth of its customer base.
“We believe that the company’s Chatter offering experienced an increased rate of adoption in F4Q10, and we note that subsequent to the December quarter, the company made Chatter publicly available for any company to use. After launching Chatter in June 2010, we estimate that salesforce.com has over 60,000 customers deploying Chatter as of F4Q10," Grozovsky said.
Morgan Joesph maintains a $170 price target on Salesforce.
Shares of Salesforce are down $2.78 to $140.30 in premarket trade on Tuesday.
The analyst sees the software maker reporting revenue just below the Street's estimate, while beating on earnings by a penny at 27 cents per share.
Grozovsky said that Salesforce to benefit from subscription revenue expansion due to the growth of its customer base.
“We believe that the company’s Chatter offering experienced an increased rate of adoption in F4Q10, and we note that subsequent to the December quarter, the company made Chatter publicly available for any company to use. After launching Chatter in June 2010, we estimate that salesforce.com has over 60,000 customers deploying Chatter as of F4Q10," Grozovsky said.
Morgan Joesph maintains a $170 price target on Salesforce.
Shares of Salesforce are down $2.78 to $140.30 in premarket trade on Tuesday.
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