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In a report published Thursday, UBS analysts maintained a Buy rating on, inc. (NYSE: CRM), while raising the price target from $80 to $85, after the company reported its 1Q results. reported good results for F1Q, with "solid beats across major metrics" and healthy progress in improving profitability.

The company's Platform revenue grew 36 percent y/y, with Service Cloud up 38 percent. A record number of $1M+ deals were reported for the first quarter. All three major regions recorded growth of 27-28 percent ex-FX. reported a total backlog of $9.1Bn, representing 27 percent growth y/y.

"We believe customers are embracing CRM's front-office platform vision, and buying multiple Cloud products either upfront or as part of a multi-year commitment…We believe CRM can continue to outgrow the market as it still innovates like a start-up while executing like a blue-chip tech leader," the analysts said.

The revenue, billings and EPS estimates for FY16 from $6,510M to $6,540M, from $7,252M to $7,269M and from $0.69 to $0.71, respectively.

Latest Ratings for CRM

Feb 2017NeedhamInitiates Coverage OnHold
Jan 2017Pivotal ResearchDowngradesBuyHold
Dec 2016Drexel HamiltonInitiates Coverage OnBuy

View More Analyst Ratings for CRM
View the Latest Analyst Ratings

Posted-In: UBSAnalyst Color Price Target Reiteration Analyst Ratings


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