Salesforce.com’s Buy Reiterated
By Zacks Investment Research on November 13, 2008 | More Posts By Zacks Investment Research | Author's WebsiteSalesforce.com, Inc. (CRM) is the market leader in the on-demand Customer Relationship Management (CRM) space, and continues to see substantial subscriber and customer growth.
Although the company reported strong first half results and raised full-year revenue guidance, dilution from the InStranet acquisition will result in lower-than-expected EPS for the second half. Though this will penalize the stock, we believe InStranet makes strategic sense, and over the long-term EPS growth will accelerate.
We therefore reiterate our Buy rating on Salesforce.com’s shares but lower our six-month price target to $45.00 given uncertain economic environment.
Posted in Categories: Contributor, External Research, Stocks.
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