UPDATE: Atlantic Equities Upgraded Salesforce.com
In a report published Monday, Atlantic Equities analyst Chris Hickey upgraded Salesforce.com (NYSE: CRM) from Neutral to Overweight.
Hickey noted that despite the shares trading close to all-time highs, Saleforce stock has fallen behind SAAS peers. The analyst commented, "We expect the company to double revenue over the next three years, driven by secular SAAS tailwinds, a benign competitive environment and a new focus on the enterprise opportunity. We also expect less M&A and a return to margin expansion, which should help sentiment." Atlantic Equities further remains optimistic on Salesforce's diversification.
The analyst added positive sentiment on the new senior sales hire of Oracle's Keith Block and the $140 million State Farm deal from last year. Atlantic Equities expect a +30 percent revenue growth in CY14 and that revenue will double in CY16 to $8 billion.
Salesforce.com closed at $53.96 on Friday.
Latest Ratings for CRM
|Apr 2016||Macquarie||Initiates Coverage on||Outperform|
|Apr 2016||Piper Jaffray||Assumes||Overweight|
|Mar 2016||Macquarie||Initiates Coverage on||Outperform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.