Salesforce.com (CRM) this morning was the the subject of a flurry of upbeat analyst notes after the company officially launched Chatter, its social networking software for the enterprise, as its Cloudforce 2010 trade show yesterday. In particular, two analysts raised targets on the stock:
- Caris & Co. analyst Curtis Shauger this morning repeated his Buy rating on the shares, while lifting his price target to $115, from $100. “We attended Cloudforce 2010 yesterday and came away incrementally more bullish on CRM�s near and long term prospects,” he writes. “Near term, Salesforce.com stands to benefit from Chatter, its enterprise collaboration offering, which it launched at the event. Not only does this incrementally add to CRM�s addressable market, we believe its ‘enterprise-wide’ nature provides a critical underpinning for its broader, longer term platform strategy. On this front, not only did the company introduce a standalone offering, but also spent significant time with its growing base of ISV partners, which we believe to be the foundation of a burgeoning ecosystem.”
- Thomas Weisel Partners analyst Tom Roderick likewise repeated his Overweight rating on the shares, lifting his price target to $95, from $80. He writes in a research note that the company is seeing “strong enterprise momentum” which will be “further fueled by the crossover capabilities of Chatter and other products outside the core” sales-force automation realm. While conceding that the stock is not cheap, he contends that “CRM is viewed as the premium growth name in software that is worthy of stratospheric valuations.” And he adds that “as long as our checks confirm accelerating trends in the business, we intend to remain constructive on the stock.”
CRM is up 21 cents, or 0.2%, to $92.11.
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