Jefferies upgrades Salesforce to 21% upside; shares +2.7%

|By:, SA News Editor

Jefferies upgrades Salesforce (NYSE:CRM) from Hold to Buy and increases the price target from $97 to $132, a 21% upside to yesterday’s close.

Analyst John DiFucci writes, “We see many engines of growth for the company over the long-term as it continues to expand in multiple segments. The company’s customer-centric and vertical-focused approach to enterprise penetration has been key to its success, which we expect to continue into the future.” 

DiFucci estimates that new subscription annualized contractual value was likely robust across regions and should result in a 23% billings growth. 

DiFucci says the firm’s surveys show Microsoft becoming less of a competitive pressure for Salesforce in the most recent quarter. 

Salesforce shares are up 2.7% premarket.  

Subscribe for full text news in your inbox