Salesforce.com (CRM) Stock Price Target Raised at JMP
NEW YORK (TheStreet) -- Shares of Salesforce.com (CRM) - Get Report closed up by 0.85% to $81.71 on Monday, as JMP Securities increased its price target on the stock to $92 from $90 and maintained its "market outperform" rating.
"We maintain our 'market outperform' rating on Salesforce.com and raise our price target to $92 from $90 after the company reported another strong quarter," JMP analysts said in an investor note this morning.
Last week, Salesforce.com reported that revenue rose by 2.7% year-over-year to $1.92 billion for the 2017 fiscal first quarter, higher than analysts' expectations of $1.89 billion.
The San Francisco-based cloud computing solutions provider expects 2017 fiscal second quarter earnings in the range of 24 cents to 25 cents per share. Revenue is estimated to range from $2.005 billion to $2.015 billion.
"We continue to believe salesforce.com represents a solid opportunity for long-term capital appreciation and we like the way it was able to achieve the following milestones in its best first quarter to date," JMP analysts stated.
Milestones include expanding its non-GAAP operating margin by 283 basis points and achieving record quarterly operating cash flow, the firm noted.
Separately, TheStreet Ratings rated Salesforce.com as a "hold" with a score of C.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth.
However, as a counter to these strengths, TheStreet Ratings finds that the company's return on equity has been disappointing.
You can view the full analysis from the report here: CRM
