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Fly News Breaks for November 29, 2016
CRM
Nov 29, 2016 | 08:59 EDT
Cowen analyst J.Derrick Wood noted Salesforce shares faded following its last beat and raise quarter. He believes the cause was comments by CEO Mark Benioff, who wishes to double the company's revenue in 3-4 years, which many interpreted as bringing a higher risk of M&A dilution/disruption risk. Wood believes the company can double organically, driven by exposure to attractive secular trends around digital transformation, a broadening solution portfolio, and a positioning for the next wave of enterprise applications. Wood reiterated his Outperform rating and $95 price target on Salesforce shares.