Wells Fargo Maintains an 'Outperform/Best Idea' on salesforce.com (CRM); Q2 Preview; Raising Outlook
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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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Wells Fargo maintains an 'Outperform/Best Idea' on salesforce.com (NYSE: CRM) price target raised to $170-$180 (from $165-$170)
Analyst, Jason Maynard, said, "We think that salesforce.com continued its strong momentum and closed out a solid Q2. In our view, many on the Street are missing the big story around the growth in enterprise license agreements (ELAs) and the ramping of the global SI channel. Salesforce.com has transformed into a multiproduct company and should now regularly pull 8-figure deals. In our view, this phenomenon is bigger than short-term worries about tough comps, invoicing changes, and acquisition dilution. We have adjusted our FY2013/FY2014 estimates for Buddy Media revenue and opex, and slightly faster billings, revenue and cash flow growth in FY2014."
Sees Q2 EPS at $0.38 and revenues of $726 million. FY13 EPS estimate raised from $1.48 to $1.62 and FY14 from $2.05 to $2.10.
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 $139.84 yesterday.
Analyst, Jason Maynard, said, "We think that salesforce.com continued its strong momentum and closed out a solid Q2. In our view, many on the Street are missing the big story around the growth in enterprise license agreements (ELAs) and the ramping of the global SI channel. Salesforce.com has transformed into a multiproduct company and should now regularly pull 8-figure deals. In our view, this phenomenon is bigger than short-term worries about tough comps, invoicing changes, and acquisition dilution. We have adjusted our FY2013/FY2014 estimates for Buddy Media revenue and opex, and slightly faster billings, revenue and cash flow growth in FY2014."
Sees Q2 EPS at $0.38 and revenues of $726 million. FY13 EPS estimate raised from $1.48 to $1.62 and FY14 from $2.05 to $2.10.
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 $139.84 yesterday.
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