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Salesforce.com, Inc Message Board

  • jrednib jrednib Dec 14, 2012 9:25 AM Flag

    Remember Apple at $705 and the Coming Cap Gains Harvest!!!

    CRM is a good company, with tremendous cash generating potential. The problem is that the market is valuing the company at nearly 40x FCF, when 15x FCF would be a more appropriate number. This is especially true as the law of big numbers takes hold, and CRM is faced with losing many o its SMBs to new and existing players and the functionality differences between one CRM player and another at that level are irrelevant. Stated another way, pricing pressure is inevitable in the low end of the market where CRM gets much of its mojo. A fair price for CRM is in the $50-$65 range and once cap gains harvesting begins in a few days the sell off could begin. On the other hand, NFLX was evidence that a squeeze can go on for a long time, although in this case, I doubt the squeeze will last much longer.

    Sentiment: Strong Sell

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