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Yahoo Finance Premium bullish on Salesforce

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Yahoo Finance’s Alexis Christoforous and Jared Blikre discuss why Yahoo Finance Premium is bullish on Salesforce.com.

Video Transcript

ALEXIS CHRISTOFOROUS: And Yahoo Finance Premium, bullish on Salesforce after its most recent earnings report. What have you got for us there, Jared?

JARED BLIKRE: That's right. This is a report by Argus Research. Let's just check out the stock right now. You can see they have suffered quite a decline here over the last few weeks, but they are back to a support level here. Let's check out a six-month chart, and you can see really just kind of bearing down on those January lows. Have to see if those can hold.

But Argus Research does like the stock. And let's see what their reasoning is here. They are saying they have a long-term target of $315 and they are maintaining their buy after those earnings results the other day. And they're noting that with 24% adjusted EPS growth on 20% revenue, it was a strong quarter. However, their fiscal year 2022, their outlook for their non-GAAP EPS guidance, a bit lighter than the market expected. And the Salesforce stock took a hit after the announcement.

So they're lowering their fiscal year '22 non-GAAP estimate. And they're saying valuations are high for this enterprise technology company, reflecting its strong growth prospects, though it still trades below historical premiums. So still betting on higher prices for salesforce.com. Also want to mention that I am going to be joined by Sarge, that's Stephen Guilfoyle tomorrow at 2:00 PM for a webinar. We're going to be going for 45 minutes, charting lots of stocks. And he's going to be joining us in just a few minutes here, Alexis.