In a note released Wednesday, Morgan Stanley analyst, Keith Weiss reiterated an Overweight rating on Salesforce.com, Inc CRM but has removed the $79 price target.
Weiss noted, "Today's Analyst meeting highlighted SFDC's execution against the $10B Playbook outlined last year."
Following the analyst meeting, Weiss views Salesforce.com's $10 billion target is less of a structural question and more a function of time. He is currently predicting the company will hit a $10 billion run rate in fiscal 2018.
As drivers of this growth Weiss pointed to the expansion of the product set as well as growth of the partner ecosystem.
Looking at products, Weiss noted Salesforce continues to introduce more cloud solutions to the market, such as the recently announced Analytics Cloud. Developments in the partner ecosystem include the addition of Tyler Prince who was recently brought in to streamline the company's partner channel.
Despite the optimism at Morgan Stanley, Salesforce.com is trading down approximately 1.7 percent in the early hours of Wednesday's market session.
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