Upgrade Driving Salesforce.com (CRM)
Needham & Co. is not generally a research firm that creates 4% moves in shares, except that is the case this morning. Salesforce.com (NYSE: CRM) would have likely been up on its own due to the market strength, but Needham…
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Needham & Co. is not generally a research firm that creates 4% moves in shares, except that is the case this morning. Salesforce.com (NYSE: CRM) would have likely been up on its own due to the market strength, but Needham raised the rating on Salesforce.com to Buy from Hold and it assigned a $125.00 price target objective.
Needham trades at almost 80-times FY Jan-2012 earnings estimates and almost 64-times FY Jan-2013 earnings estimates.
PRE-MARKET MOVE +4% to $109.18 after closing at $104.93 Friday. Thomson Reuters still has a consensus target of about $150 on the stock and the 52-week trading range is $103.38 to $160.12.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
