Nomura Securities Maintains a 'Buy' on salesforce.com (CRM); Adjusting Estimates for Assistly Acquisition

Nomura Securities maintains a 'Buy' on salesforce.com (NYSE: CRM) price target of $155.00.

Nomura analyst, Rick Sherlund, says, "Salesforce announced the acquisition of privately held, cloud help-desk provider Assistly for $50mn in cash. This acquisition is consistent with Salesforce’s strategy of making tuck-in acquisitions to augment R&D and does not affect our positive thesis on the stock. The Assistly acquisition is expected to have no material impact to revenues for Salesforce’s third quarter or for FY12; however, the acquisition is expected to be $0.02 dilutive to full-year EPS (Salesforce has lowered its FY12 EPS guidance range to $1.28–1.30 from $1.30–1.32). Our FY12 and FY13 revenue estimates are essentially unchanged, while our FY12 and FY13 EPS estimates have fallen 2% and 1% to $1.31 and $1.80, 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 $126.67 yesterday.

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