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Jeffries Upgrades Salesforce, Sees It as a "Web 3.0" Play |
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| May 23, 2008 01:28 PM UTC |
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Tracked Blogger
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5/22 - "Salesforce.com (CRM) is the thing you’ve been waiting for: a play on Web 3.0. At least, that’s the way Jefferies & Co.’s Ross MacMillan sees it. He raised his rating on the stock today to Buy from Hold, and upped his price target to $77 from $49. The move comes one day after the company reported better-than-expected results for its fiscal first quarter ended April. MacMillan contends that the company is morphing from the leader in on-demand CRM software to “a major provider of cloud computer infrastructure.” (Which is to say, Web 3.0.)." 
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Salesforce's International Expansion Accelerates
5/22 - "Salesforce.com’s first quarter had a bunch of high points: The company topped estimates, upped its outlook and highlighted a bevy of customer wins. But the big takeaway may be that Salesforce.com’s international business is picking up steam."
"Salesforce.com’s international sales aren’t huge, but you can see that revenue abroad is becoming a real factor. For the quarter ending April ...
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N/A risk: aggressive |
Maintaining Buy Rating and $83 Target on Salesforce Following Earnings
5/22 - "We believe over the long term, Salesforce.com, Inc. (CRM), which consistently beats Wall Street expectations, will emerge as the leader in a potentially huge market for on-demand software. The business-software maker has had strong traction in the larger enterprise market and has partnered with Google (GOOG) to serve small businesses...A steady and gradual improvement in large deals, in...
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N/A risk: moderate |
Decline in Salesforce's Deferred Revenues Gives Pause; Maintaining Hold
5/22 - "We advise investors to wait for a better entry point before buying CRM shares. We are primarily concerned with CRM’s valuation, although we have concerns regarding the macro-economic environment as well."
"We do not know if the sequential decline in deferred revenue reflects increasing seasonality or a potential deterioration in the business....deferred revenue declined sequentially ...
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