Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Salesforce (CRM) initiated with an Outperform at BMO Capital with the firm saying it thinks the company will benefit from its integrated cloud suites and it believes that the company has "brand, sales, and cost advantages" versus its competitors. 2. Workday (WDAY) initiated with a Market Perform at BMO Capital. 3. Procter & Gamble (PG) initiated with a Buy at Jefferies. 4. Square (SQ) initiated with a Hold at Craig-Hallum. 5. Plains All American (PAA) and Plains GP Holdings (PAGP) initiated with a Neutral at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

Morgan Stanley notes that Salesforce (CRM) management has advised investors that strategic M&A would be coming back into the company's toolkit at some point and recent press speculation about the company being in advanced talks to buy Informatica (INFA) suggests the company "may be ready to break the ice." While any significant M&A brings execution risks and "increased angst from investors still harboring memories of prior expensive deals," the analyst says a rumored transaction with Informatica, if it were to be confirmed and the deal were to be struck around a $12B enterprise value, looks to meet Salesforce's "criteria for responsible M&A." The firm, which sees potential for a complementary expansion that further buttresses the capabilities of Mulesoft and Data Cloud, has an Overweight rating and $350 price target on Salesforce shares.

Stifel raised the firm's price target on Plains All American to $22 from $18 and keeps a Buy rating on the shares. The firm updated several of its midstream estimates and target prices ahead of Q1 earnings.