In a report published Wednesday, Pivotal Research analyst Brian Wieser reiterated a Buy rating on Salesforce.com, inc. CRM, and raised the price target from $74.00 to $80.00.
In the report, Pivotal Research noted, “Lastly, we are altering our target on Salesforce.com to $80 vs. our prior $74 figure. We leave operating expectations unchanged at this time, but are instead incorporating new coverage universe-wide costs of capital (which by itself would raise our price target). It remains as early days for marketing technology overall, and Salesforce.com should continue to grow at a much more rapid clip than the rest of our coverage universe for an extended time frame, as the marketing automation and marketing technology industry continues to offer significant opportunity. Further, Salesforce.com retains a strong presence in this space given its dominance of middle-market CRM solutions, and from this base the company retains a solid overall position. We continue to rate Salesforce.com BUY.”
Salesforce.com closed on Tuesday at $57.97.
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