Things are looking up for Salesforce (CRM - Get Report) . 

After the cloud software giant beat on sales and earnings expectations and raised full year guidance in its earnings report issued after the close on Thursday, the stock was rising 6.67% to $158.13 a share on Friday. 

The cloud-based software company posted earnings of 66 cents per share, beating Wall Street estimates of 47 cents. Revenue was $4 billion, edging out expectations of $3.95 billion. Sales grew 22% year-over-year. 

Management also raised full year guidance to $16.9 billion from $16.75 billion. Analysts were looking for revenue of $16.66 billion. The earnings report was the first since the completion of  Salesforce's acquisition of Tableau Software for $15.3 billion. 

Analysts were largely encouraged by the results, with some raising their price targets. 

RBC Capital Markets, Outperform, Price Target Raised to $200 From $181

"We believe Salesforce is pursuing a strategic vision of becoming a System of Customer Intelligence, with a uniquely strong CEO duo driving the vision and execution. With little meaningful competition, pricing pressure or evidence of market saturation, we view current valuation as a buying opportunity. We see the recent strong quarter, 20%+ durable growth cadence and increased margin leverage from recent acquisitions as a buying opportunity for a top quality asset trading at a ~25% discount to peers." 

- Alex Zukin

Morgan Stanley, Overweight, Price Target Raised to $180 From $178

"Salesforce posted solid 25% constant currency growth in CRPO bookings, while raising the organic fiscal year 2020 rev outlook. These results should help to restore investor confidence and put CRM back on its upward trajectory towards our $180 price target. Strength in the business appears to be broad-based, with all four revenue categories seeing accelerating growth in the quarter." 

- Keith Weiss

Barclays, Overweight, Price Target Raised to $184 From $182

"We believe this second quarter print should calm some investor nerves on Salesforce's underlying growth trajectory and drive a relief rally in shares. The negative investor sentiment on the name has primarily related to the company's M&A activity proving to be a drag on margins and masking decelerating organic growth. However, the disclosures this quarter (20-21% organic growth and 150 basis points+ organic operating leverage for fiscal year 2020) should silence the skeptics on the core business. Overall, we continue to like the company's long-term top-line and free-cash-flow growth prospects." 

- Raimo Lenschow

JPMorgan, Overweight, Price Target $180 (Unchanged)

"Key Takeaways: 1) Organic Revenue growth Accelerated. We estimate that organic revenue growth in constant currency accelerated in fiscal year second quarter2 coming in at ~21% year-over-year, as compared to ~20% last quarter driven by an acceleration across Sales, Service and Marketing clouds; 2) Organic cRPO ("Backlog") Growth Also Accelerated. Current RPO (backlog) of $12.1B accelerated to 23% year-over-year growth on an organic constant currency basis, as compared to 21% growth last quarter. Continue to "See a Buying Environment."

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