Jefferies Raises Price Target on salesforce.com (CRM) Ahead of 1Q Report
Jefferies reiterated a Hold rating on salesforce.com (NYSE: CRM), and raised the price target to $74.00 (from $60.00), ahead of the company's 1Q earnings report. Jefferies is expecting total revenue to reach $1.900B, beating the Street's $1.893B and $1.885B-$1.895B guidance. CRM is scheduled to report earnings on May 18th.
Analyst John DiFucci commented, "We expect CRM to at least meet, but likely exceed expectations in F1Q on the back of a 2nd consecutive Q of very strong enterprise business momentum (based on our field checks), which should more than offset any seasonal moderation in the mid-market that we observed through our quarterly partner survey. Despite our questions about spending practices, we're raising our PT to $74 and believe CRM is fairly valued."
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Shares of salesforce.com closed at $77.31 yesterday.