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Fly News Breaks for June 13, 2019
DATA, CRM
Jun 13, 2019 | 08:32 EDT
RBC Capital analyst Matthew Hedberg lowered his price target on Salesforce (CRM) to $181 after its all-stock acquisition of Tableau (DATA). The analyst notes that the $15.7B price tag and "overlap with an existing analytics footprint" gives him some "pause" in endorsing the deal, but he is prepared to give Salesforce management the benefit of the doubt given the company's strong M&A track record. The analyst lowers his FY20 and FY21 EPS view by 20c and 26c to $2.69 and $3.27 respectively to reflect the deal's dilution, but keeps his Outperform rating on Salesforce shares.
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