(News Bulletin 247) – Wedbush reaffirms its ‘outperformance’ opinion on Salesforce and raises its price target from 240 to 255 dollars, ‘reflecting a more vigorous growth trajectory to come’, the day after the quarterly publication of the publisher of CRM software.
The broker hails a ‘Djokovic-like performance’, with a quarter of beaten expectations on both revenue and earnings as well as target increases, ‘driven by the momentum of MuleSoft and its overall subscription business ‘.
‘Importantly, strong numbers and prospects for CRM (customer relationship management) are a heavy barometer for the entire IT spending environment,’ he said.
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