salesforce.com's (CRM) Price Target Raised to $90 at Deutsche Bank
Deutsche Bank maintained a Buy rating on salesforce.com (NYSE: CRM) and raised its price target to $90.00 (from $80.00). Analyst Karl Keirstead noted Q1 beat on most key metrics.
"While several 1Q15 prints across the SaaS space haven’t been stellar, Salesforce posted a clean and surprising beat. The quarter was highlighted by billings growth of 21% (above the Street’s 15% estimate, above DB’s 18% estimate and an estimated 27%-28% in c/c), a very strong cash flow performance (FCF growth of 60% and an uptick in FY16 OCF growth to 24%-25% from 22%-23%) and a 200bps y/y increase in non-GAAP OM despite an FX headwind," said Keirstead.
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 $70.16 yesterday.