Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Salesforce.com, inc. (NYSE:CRM) is being overlooked by investors despite strong revenue and free cash flow growth potential, according to Morgan Stanley.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Keith Weiss maintained an Overweight rating on Salesforce with a $178 price target.
The Thesis
A strong case for 25%-plus free cash flow growth isn’t priced into Salesfore shares and that, coupled with investor concern around a slowdown in the core business, creates a “strong buying opportunity” in a core service-as-a-software asset, Weiss said in a Friday note. (See his track record here.)
The analyst said he sees a clear path for Salesforce to more than double revenues by fiscal 2023, even with merger and acquisition dilution in the near-term.
Salesforce shares have underperformed, advancing just 3% year-to-date against its software peer group thanks to M&A dilution, Weiss said.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
The company earlier this summer sealed up a $15.7-billion acquisition of data analytics firm Tableau Software.
Salesforce enjoys a favorable competitive position, and there’s healthy customer demand across its product offerings, the analyst said.
"With enterprise IT spend focused on digital transformation, Salesforce remains one of the best secularly positioned names in software and a long-term share gainer within an estimated $200B+ Total Addressable Market."
Price Action
Salesforce shares were down 1.84% at $140.73 at the close Monday.
Related Links:
KeyBanc: Salesforce Poised To Benefit From Data Opportunity After Tableau Acquisition
Tableau CEO On Synergies With Salesforce: The 'Best Of Both Worlds'
Photo courtesy of Salesforce.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.