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.
Latest Ratings for CRM
|Mar 2015||Brean Capital||Initiates Coverage on||Hold|
|Mar 2015||Argus Research||Downgrades||Buy||Hold|
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