Needham & Company Upgrades salesforce.com (CRM) to Buy; Overstated Concerns Creates Entry Point Ahead of Upbeat CloudForce Event

Needham & Company upgraded salesforce.com (NYSE: CRM) from Hold to Buy with a price target of $125.00.

Needham analyst says, "We’re upgrading our rating on CRM shares ahead of Wednesday’s CloudForce event (Nov 30), which likely will be a high energy, well attended, all day customer event that could help mitigate rising and overblown concerns with the direction of trends...We plan to troll around the expo to meet with customers and important partners, and wouldn’t be surprised to pick-up evidence around strengthening and more strategic relationships with larger enterprises and SIs, which we believe suggests a much broader market opportunity (i.e. platform could be a 5x larger market opportunity than core CRM), much larger deal sizes (increasing number of ELAs), but potentially a little more seasonality in the business ahead (large enterprises are trained to wait until year end to buy software)."

For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.

Shares of salesforce.com closed at $104.93 yesterday.

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