Market Overview

Bank of America Reiterates Buy on Following Strong 2Q Results

Related CRM Shares Shrugging Market Chatter Co. Dropped Out Of Keybank Pacific Crest Enterprise Bus Tour In San Francisco
Salesforce to Invest $100M in European Startups
Software Stock Watch: Salesforce Nears Buy Point (Investor's Business Daily)

In a report published Friday, Bank of America analyst Kash Rangan reiterated a Buy rating and $57.00 price target on (NYSE: CRM).

In the report, Bank of America noted, “The stock is up 7% in the aftermarket following strong 2Q results. The bears have focused on adjusted billings, which saw meaningful improvement in the quarter. We calculate adjusted CC organic billings grew 34% y/y. Underlying new DR growth trends are better as the tailwind from annual billing and multi-year contracts get smaller. After seemingly mixed 1Q results, the Q2 beat clearly demonstrates that seasonality is having a meaningful impact on the business as the company pushes deeper into the enterprise. The company expects DR growth in the high 20's excl. ET, providing a relief to investors since DR is a leading indicator.” closed on Thursday at $43.65.

Latest Ratings for CRM

Sep 2015WunderlichAssumesBuy
Sep 2015BTIG ResearchInitiates Coverage onBuy
Aug 2015Exane BNP ParibasUpgradesNeutralOutperform

View More Analyst Ratings for CRM
View the Latest Analyst Ratings

Posted-In: Bank of America Kash RanganAnalyst Color Reiteration Analyst Ratings


Related Articles (CRM)

Get Benzinga's Newsletters