JPMorgan Removes salesforce.com (CRM) From Analyst Focus List
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JPMorgan analyst Mark Murphy reiterated an Overweight rating and $180.00 price target on salesforce.com (NYSE: CRM) but removed the stock from the Analyst Focus List noting that the stock is at 15 year valuation highs after conducting end of quarter checks. CRM partners finished the quarter 3.1% above plan which is mostly in line with with last year’s +3.6% and the average Q1 score for the prior 5 years of +4.1%.
The analyst stated "We still view CRM shares positively relative to SMID-Cap high-fliers trading at 20-35x revenues, but with software valuations reaching 15-year highs for both SaaS and On-Premise, and the peak period of Tax-Reform-driven IT spending likely behind us, we remove salesforce from our Analyst Focus List following a run of 121% (vs +23% for S&P 500) for CRM shares in the last ~2.5 years".
Shares of salesforce.com closed at $151.00 yesterday.
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