Nomura Securities Maintains a 'Buy' on salesforce.com (CRM); Raising PT to $160
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Price: $196.21 -2.56%
Rating Summary:
48 Buy, 20 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
48 Buy, 20 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Buy' on salesforce.com (NYSE: CRM) price target raised from $155 to $160.
Analyst, Rick Sherlund, said, "Following reports of some disruption and potential weakness in the company’s enterprise business for the first (April) fiscal quarter, the reported results reflected no such strains. Billings were up 34% reported (in line with our estimate), excluding change in billing terms up 36%. This was a positive surprise that should be a welcomed by investors that had expected the potential for tougher growth metrics in the seasonally weaker 1Q. TP goes from $155 to $160 on 23x EV to unlevered free cash flow on calendar 2013 and 4.8x revenues."
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 $133.80 yesterday.
Analyst, Rick Sherlund, said, "Following reports of some disruption and potential weakness in the company’s enterprise business for the first (April) fiscal quarter, the reported results reflected no such strains. Billings were up 34% reported (in line with our estimate), excluding change in billing terms up 36%. This was a positive surprise that should be a welcomed by investors that had expected the potential for tougher growth metrics in the seasonally weaker 1Q. TP goes from $155 to $160 on 23x EV to unlevered free cash flow on calendar 2013 and 4.8x revenues."
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 $133.80 yesterday.
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