salesforce.com (CRM) PT Raised to $72 at Piper Jaffray Ahead of Q4 Print

Piper Jaffray analyst Katherine Egbert reiterated an Overweight rating and boosted her price target on salesforce.com (NYSE: CRM) to $72.00 (from $66.00) saying they expect a "very good" Q4 on Wednesday, February 24th.

Egbert commented, "We expect a very good Q4 with a high possibility that billings growth will accelerate q/ q. We also expect FY17 revenue guidance to be reiterated; recall the slides at the FY17 kickoff earlier this month showing $8.1B in revenue and remember the widely published reports last year that Salesforce rejected a $55B takeover bid from Microsoft. Lowered guidance would probably cause the current market cap of ~$43B to shrink. We raise price target to $72 ($66 prior) and reiterate our Overweight. Salesforce.com is scheduled to report results on Wednesday, February 24th after the close."

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 $61.70 yesterday.

You May Also Be Interested In

• Canaccord Genuity Downgrades Antofagasta Plc. (ANTO:LN) (ANFGF) to Hold
• Alfa Laval AB (ALFA:SS) (ALFVY) PT Raised to SEK475 at Barclays
• Amazon.com (AMZN) PT Raised to $215 at UBS