Deutsche Bank Sees SuccessFactors (SFSF) Acquisition of Plateau as Positive, Raises Price Target to $45

Deutsche Bank is reiterating its Buy rating on shares of SuccessFactors (NASDAQ: SFSF) and is raising its price target from $40 to $45 following the acquisition of Plateau.

The acquisition of Plateau brings a a number of new customers with multiple large contracts. The firm believes that the price for the company was reasonable for both sides. The company is now better positioned in 2011 and 2012.

Billings in the quarter were up 31% Y/Y on tough Q1 2010 compares.

The firm reports, "with 19 modules available, bookings expected to accelerate in the second quarter and hiring continuing unabated, we believe SFSF is well positioned to grab market share, particularly as the new Plateau assets come into the fold. Good execution will be essential as the company balances rapid growth with a major integration effort, a feat we believe SFSF’s management team bench is capable of."

For more ratings news on SuccessFactors click here and for the rating history of SuccessFactors click here.

Shares of SuccessFactors closed at $34.29 yesterday.

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