JMP Sees Salesforce Posting 'Blow-Out' Q4 Results
In a report published Thursday, JMP Securities analyst Patrick Walravens raised Salesforce.com (NYSE: CRM) fourth quarter billings growth estimate from 30% to 34%, expecting a "blow-out" fourth quarter.
Walravens commented that his checks suggest that Salesforce.com won a deal with a Fortune 100 transportation company which may be worth over $80 million over six years. The analyst noted that it had been approximately two years since the company has made a deal of this size. JMP added that Salesforce.com closed two to three deals over $10 million each and potentially a third.
The analyst reported that this deal suggest a strong fourth quarter and is a positive indicator for long-term investment.
According to Bloomberg data, Salesforce.com has 38 Buy rating, 3 Holds, and 4 Sells with an average $62.00 price target.
Shares of Salesforce.com closed at $61.63 on Wednesday.
Latest Ratings for CRM
|Feb 2017||Needham||Initiates Coverage On||Hold|
|Jan 2017||Pivotal Research||Downgrades||Buy||Hold|
|Dec 2016||Drexel Hamilton||Initiates Coverage On||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.