Salesforce Slips Despite UBS Note On European Growth
Salesforce.com (NYSE: CRM) slipped slightly, despite remarks from an analyst anticipating significant European expansion plans.
Salesforce, which provides customer relations technology, will announce the plan this week while management is in France, UBS analyst Brent Thill said in a note.
Europe currently accounts for only 18 percent of the company's revenues, yet the segment is growing the fastest at 41 percent, Thill noted.
A new local data center in the U.K is expected this year, with similar centers planned for France and Germany in 2015.
"This could open pent-up demand and further accelerate growth," said Thill, calling Salesforce "one of our top large-cap growth ideas."
Thill, currently traveling in France with the company's managers, maintains a Buy rating and a $58 target.
Salesforce traded recently at $57.21, down 1.36 percent.
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|
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