JMP Securities raised its estimates for salesforce.com, inc. (NYSE: CRM) Thursday and maintained a Market Outperform rating and $75 price target.
After attending the Apttus Accelerate 2015 conference in San Francisco, Analysts Patrick Walravens and Peter Lowry noted that Apttus “should do over $100M in revenue this year and is one of the top three software companies running on the Salesforce1 Platform.”
Walravens cited three highlights from the conference.
With “over $100M in revenue and 100 percent growth, Apttus illustrates the power of salesforce.com's platform."
“Salesforce.com itself went live on Apttus CPQ (Configure Price Quote) in March and is processing over 12,000 orders per month through Apttus.”
“Motorola demonstrated how it is using salesforce.com’s new Wave Analytics platform to enhance its business decisions.”
The analysts expected FY 2016 non-GAAP EPS of $0.70, versus consensus of $0.69. For FY 2017, the analaysts expected non-GAAP EPS of $0.96, above consensus of $0.91, and $1.24 for FY 2018 versus consensus of $1.21.
The stock traded at a CY16 EV/free cash flow multiple of 24x, while the firm’s $75 price target implied a multiple of 27x, which was “roughly in line with the company's recent growth,” according to Walravens.
salesforce.com recently traded at $67.48, down 1 percent.
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