FBR Capital Upgrades salesforce.com (CRM) to Outperform
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Price: $272.62 -1.29%
Rating Summary:
45 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
Rating Summary:
45 Buy, 19 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 9
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FBR Capital upgraded salesforce.com (NYSE: CRM) from Market Perform to Outperform and raised their price target from $155 to $170.
The firm said, "The main reason for our upgrade is our revised bullish view on the company's diversification efforts. While much of the company's historical strength has been driven by its sales-force automation (SFA) business, we believe its diversification efforts-which got off to a slow start-are now gaining real traction."
"We have recently picked up positive data points from the field about Service Cloud, as it is now on its third release and is ready for "prime time." Also, we think last week's acquisition of Radian6 brings very valuable social media capabilities into the fold. We are also more bullish on Force.com and its ability to transform the company from just an applications company to a platform vendor. And to a lesser extent, the company's recent underperformance (both three and six months) contributes to our upgrade."
The firm also notes that over the past three months, shares are down 8% compared to up 3%, 10%, and 11% for the NASDAQ, FBR Software Index, and SaaS peers, respectively.
For more ratings news on salesforce.com click here and for the rating history of salesforce.com click here.
Shares of salesforce.com closed at $131.43 yesterday.
The firm said, "The main reason for our upgrade is our revised bullish view on the company's diversification efforts. While much of the company's historical strength has been driven by its sales-force automation (SFA) business, we believe its diversification efforts-which got off to a slow start-are now gaining real traction."
"We have recently picked up positive data points from the field about Service Cloud, as it is now on its third release and is ready for "prime time." Also, we think last week's acquisition of Radian6 brings very valuable social media capabilities into the fold. We are also more bullish on Force.com and its ability to transform the company from just an applications company to a platform vendor. And to a lesser extent, the company's recent underperformance (both three and six months) contributes to our upgrade."
The firm also notes that over the past three months, shares are down 8% compared to up 3%, 10%, and 11% for the NASDAQ, FBR Software Index, and SaaS peers, respectively.
For more ratings news on salesforce.com click here and for the rating history of salesforce.com click here.
Shares of salesforce.com closed at $131.43 yesterday.
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