Needham Reiterates Buy Rating on salesforce.com (CRM)

Needham analyst Scott Berg reiterated a Buy rating and $345.00 price target on salesforce.com (NYSE: CRM).

The analyst commented: "After market close yesterday, CRM announced an agreement to purchase Own Company for $1.9B in cash. We don't believe investors were expecting this type of product to be CRM's first big dip back into the M&A pool since the Slack acquisition mainly because the product synergies are less apparent than adding a new application. Own's adds data protection and data management solutions to the CRM suite. While the value of the acquisition for CRM surrounds data security/protection and enhances growth of the company's Platform Data Security, Privacy, and Compliance products, we believe there could be an angle towards AI surrounding the protection of data from improper exposure to AI models. Given the timing, we would not be surprised if the acquisition strategy is unveiled as part of the Dreamforce AgentForce announcement."

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 $246.12 yesterday.

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