UPDATE: Mizuho Securities Initiates Coverage On salesforce.com On Significant Opportunity Ahead

In a report published Monday, Mizuho Securities analyst Abhey Lamba initiated coverage on

with a Buy rating and $70.00 price target. In the report, Mizuho Securities noted, “We are initiating coverage of Salesforce.com with a Buy rating and $70 PT as we expect it to continue consolidating its position in the enterprise applications space. In addition to strong revenue growth, we expect it to deliver upside to operating margins and cash flow estimates. CRM has a significant installed base that is likely to adopt its new solutions more quickly and offer leverage. Additionally, its recent investments should allow the company to deliver upside to all key financial metrics, which combined with reasonable valuation should drive the stock performance.” salesforce.com closed on Friday at $59.24.