'Everything Is Awesome' At Salesforce, Credit Suisse Says

In a report published Wednesday evening, Credit Suisse analyst Philip Winslow commented on salesforce.com, inc.'s CRM fourth-quarter print.

"Despite significant foreign exchange headwinds, Salesforce.com's FQ4 revenue and billings were better than expected," Winslow wrote. The analyst was referencing the company's reported billings of $2.54 billion, which exceeded his expectations of $2.40 billion. At the same time, deferred revenue grew 32 percent to $3.32 billion versus consensus estimates of $3.17 billion and backlog rose 28 percent from a year ago to $5.7 billion.

Management raised its fiscal 2016 revenue guidance to a new range of $6.45 billion to $6.50 billion from a previous range of $6.475 billion to $6.520 billion. The revised guidance assumes $175 million to $200 million of foreign exchange headwinds versus prior foreign exchange headwinds guidance of $125 million to $150 million.

Winslow noted that the company's results and guidance reinforced a bullish thesis that demand for Sales Cloud remains "solid but maturing," growth in Service Cloud and platform have been "particularly strong," and growth in the Marketing Cloud has been "solid."

Bottom line, Winslow wrote "like the LEGO movie, everything is awesome."

Shares remain Outperform rated with a price target raised to $80 from a previous $75.