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Salesforce.com: Pacific Crest Ups Target On Strong FY Q1

Posted on May 14, 2008

Pacific Crest s Brendan Barnicle this morning raised his price target on Salesforce.com (CRM) to $80 from $70, and repeated his Outperform rating. Barnicle says that channel checks on the company fiscal Q1 ended April were better than expected. Write Barnicle: generally, we have heard that Salesforce.com s momentum has continued to be strong. Barnicle asserts that the company s subscription revenue is similar to the maintenance revenue at Oracle (ORCL) or SAP (SAP), since it has such a high renewal rate. But he says the company s enterprise value-to-subscription revenue mult...

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momentum , oracle , outperform