salesforce.com (CRM): Raymond James Ups PT to Triple Digits
Raymond James analyst, Terry Tillman reiterated the Strong Buy rating on alesforce.com (NYSE: CRM) and increased the PT to $100 (from $90) following another impressive quarter, with continued momentum on a number of key growth vectors. These include impressive progress on enterprise deals (record 1Q; new 9 figure deal this quarter), continued diversification across clouds (Non-Sales clouds all grew close to 30%+), and traction internationally. The continued convergence of selling multiple cloud applications and platform traction should also continue to support large deal activity, and makes management’s revised outlook (+23% y/y at the mid-point) appear to have room for upside.
The analyst believes that considering this growth is coming with healthy margin expansion (+280 bps y/y in 1Q) and record cash flow generation, CRM remains one of the most attractive large cap tech stocks to own.
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Shares of salesforce.com closed at $77.87 yesterday.