NEW YORK (TheStreet) -- Shares of Salesforce.com Inc (CRM) were down 0.97% to $71.14 in early market trading Tuesday, despite getting coverage initiated with a "buy" rating by analysts at Wunderlich this morning.
Analysts at the firm issued a price target of $85.
The firm believes Salesforce.com is a market leader and can continue to expand margins in the coming quarters.
Wunderlich pointed to the company's unique advantage of a subscription and delivery platform combined with unbilled and billed backlog visibility.
San Francisco-based Salesforce.com is a provider of enterprise cloud computing solutions that helps with customer relationship management.
The company delivers its service through Internet browsers and mobile devices, and markets its social enterprise applications and platforms to businesses on a subscription basis, primarily through its direct sales efforts and indirectly through partners.
Separately, TheStreet Ratings team rates SALESFORCE.COM INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate SALESFORCE.COM INC (CRM) a HOLD. The primary factors that have impacted our 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 compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."