FBR Capital says its recent channel checks indicate Salesforce's business momentum is even stronger in Europe than in the U.S. The firm thinks strength in Europe could drive upside to estimates and keeps an Outperform rating on Salesforce with an $82 price target.

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.