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Barclays has increased its price target on Demandware Inc (NYSE: DWRE) to $75 from $43, following the $75 a share takeover offer from salesforce.com, inc. (NYSE: CRM).
"We think that $75 is likely the final price, as we believe a full process was run, as the price represents a 56 percent premium to the prior day's close. Similarly, we also think the deal is likely to be completed," analyst Raimo Lenschow wrote in a note.
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Lenschow, who has an Equal Weight rating on Demandware, said the company "is a solid addition for Salesforce, as it is the premier SaaS e-commerce platform vendor. Salesforce is creating a new cloud called Commerce Cloud with Demandware at the core."
"Commerce Cloud will allow CRM to attack the e-commerce market, which is a nice adjacency to the company's other clouds. Commerce Cloud represents an exciting cross-sell opportunity for customers already implementing Sales Cloud and Marketing Cloud," the analyst highlighted.
Meanwhile, Lenschow noted that Adobe Systems Incorporated (NASDAQ: ADBE) could have been another interested party, given Demandware's adjacency to the company's marketing business and the technical integration between Demandware and Adobe's content manager offering. But, the analyst believes there is no risk in the completion of the deal.
At the time of writing, shares of Demandware were trading at $74.68.
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.