Mizuho Securities Raises Price Target Following salesforce.com (CRM) 3Q Beat
Mizuho Securities reiterated a Buy rating on salesforce.com (NYSE: CRM), and raised the price target to $90.00 (from $80.00), following the company's 3Q earnings report. The company reported revenues of $1.71bn and EPS of $0.21, which were both ahead of consensus of $1.70bn and $0.19, respectively. Management guided FY17 revenue to $8.0-8.1bn vs consensus of $8.0bn.
Analyst Abhey Lamba commented, "Salesforce.com reported strong F3Q16 results across the board. The company could keep posting 20%+ growth across all the metrics in the n-t, which would be viewed positively. CRM's multiple product strategy combined with verticalized offerings will likely help drive growth over the next few years. Similar to past few years, CRM's initial FY17 outlook seems conservative and likely offers room for upside. We reiterate Buy rating while raising our PT to $90 from $80."
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Shares of salesforce.com closed at $77.35 yesterday.