Stephens Reiterates Overweight Rating on salesforce.com (CRM)
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Stephens analyst James Rutherford reiterated an Overweight rating and $184.00 price target on salesforce.com (NYSE: CRM)following the company's 2Q earnings report. Salesforce posted a revenue beat ($3,997 mil. vs. consensus $3,955 mil.), an adj. EPS beat (52c core vs. consensus at 47c), a billings miss (+18% YOY vs. consensus at +19%), and a cRPO beat ($12.1 bil. vs. consensus at $11.8 bil.).
Results should bring a sigh of relief to CRM bulls. Currency was a headwind as expected, but seems that underlying strength more than compensated. Salesforce issued 3Q revenue guidance of $4.44 bil. - $4.45 bil. vs. consensus of $4,181 mil. and adj. EPS guidance of 65c - 66c vs. consensus of 66c.
Shares of salesforce.com closed at $158.50 yesterday.
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