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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

Jun 2017SunTrust Robinson HumphreyInitiates Coverage OnBuy
Apr 2017BenchmarkInitiates Coverage OnOutperform
Apr 2017Credit SuisseInitiates Coverage OnOutperform

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Posted-In: UBSAnalyst Color Price Target Reiteration Analyst Ratings


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