With salesforce.com, inc.’s (NYSE: CRM) quarter just ending, Morgan Stanley analysts are feeling confident in the company’s performance – reiterating its Overweight rating. The analysts expect that Salesforce saw strong transaction growth, but do caution that FX headwinds might take the Q4 and FY16 estimates downward.
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Perhaps most importantly, Morgan Stanley believes that Salesforce will be able to achieve 25%+ normalized billings growth and 30%+ growth in free cash flow. The analysts say that this growth is not reflected in the current price, which is between $55 and $56 per share.
Morgan Stanley earlier this year dubbed Salesforce a “Best Idea,” noting that it is positioned well in key secular trends, including mobile, the Internet of Things and cloud computing.
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