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Fly News Breaks for May 19, 2017
May 19, 2017 | 09:21 EDT
BofA/Merrill raised Salesforce's price target to $114 from $100 following better than expected Q1 results.
News For CRM From the Last 2 Days
Nov 22, 2017 | 05:52 EDT
Roth Capital analyst Richard Baldry downgraded Salesforce to Neutral citing the 59% year-to-date rally in the shares. The analyst sees limited near-term catalysts following last night's "good quarter" with earnings poised to decline sequentially to absorb high annual conference costs. He maintains a $112 price target for the stock. Salesforce in premarket trading is down 2% to $106.50 following last night's results.
Nov 22, 2017 | 04:57 EDT
Citi analyst Walter Pritchard says his positive thesis on Salesforce is "well intact" following last night's Q3 results. The billings number of $2.25B topped Street expectations of $2.02B, Pritchard tells investors in a post-earnings research note. The analyst thinks the "more conservative guidance" will likely be viewed with some near-term caution, however. He keeps a Buy rating on Salesforce with a $124 price target.
Nov 21, 2017 | 17:27 EDT
UP AFTER EARNINGS: GameStop (GME), up 4%. ALSO HIGHER: Axalta Coating (AXTA), down 3% after it and AkzoNobel (AKZOY) scrapped merger talks without reaching an agreement... Exelixis (EXEL), up 1.9% after it announced Phase 3 trial resutls for Cabozantinib. DOWN AFTER EARNINGS: Guess (GES), down 10.8%... Caleres (CAL), down 9.7%... HP Inc. (HPQ), down 2.9%... (CRM), down 1.4%. ALSO LOWER: HP Enterprise (HPE), down 5.9% after reporting quarterly results and announcing that Meg Whitman will step down as CEO.
Nov 21, 2017 | 17:02 EDT
Salesforce named Bret Taylor President and Chief Product Officer, and named Alex Dayon President and Chief Strategy Officer. Taylor will be responsible for driving Salesforce's global product vision, design and development, and go-to-market strategy. Taylor is the co-founder and CEO of Quip, which was acquired by Salesforce in 2016. He has spent his career building widely used products for businesses and consumers. Prior to founding Quip, Taylor served as the CTO of Facebook, which he joined in 2009 after it acquired his social networking company, FriendFeed. Bret also spent several years at Google, where he co-created Google Maps. Dayon will lead strategic initiatives, working closely with Salesforce's customers on product direction and transformation. Dayon joined Salesforce in 2008, when the company he founded, InStranet, was acquired by Salesforce. Both executives will report to Chairman and CEO Marc Benioff.
Nov 21, 2017 | 12:47 EDT
Notable companies reporting after the market close, with earnings consensus, include (CRM), consensus 37c... HP Inc. (HPQ), consensus 44c... Hewlett Packard Enterprise (HPE), consensus 28c... GameStop (GME), consensus 43c... Guess (GES), consensus 12c... Caleres (CAL), consensus 85c.
Nov 21, 2017 | 11:45 EDT
Salesforce (CRM) is scheduled to report results of its third fiscal quarter after the market close on Tuesday, November 21, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. GUIDANCE: Along with its second quarter report in August, Salesforce raised its fiscal year 2018 revenue view to $10.35B-$10.4B from $10.25B-$10.3B and its FY18 adjusted EPS view to $1.29-$1.31 from $1.28-$1.30. Consensus, which stood at $10.28B and $1.30 for revenue and earnings at that time has edged up to $10.4B and $1.32, respectively, per share. 2. MICROSOFT COMPETITION: On October 5, Canaccord upgraded Microsoft (MSFT) to Buy from Hold, saying that investors are underestimating the company's growth drivers. Microsoft could generate "explosive" growth by expanding its competitive video game business, also known as e-sports, analyst Richard Davis said, adding its marketing business is "emerging" and could become similar to that of Salesforce. 3. WALL STREET CONFIDENCE: Over the last month, several Wall Street analysts have made bullish comments about Salesforce ahead of the company's quarterly report. On Thursday, Morgan Stanley analyst Keith Weiss raised his price target on Salesforce to $127 from $107 after attending last week's Dreamforce user conference and the company's analyst day meeting. Following the events, Weiss has higher conviction that its strategy is yielding a high volume of large deals and differentiating it from competitors. On November 14, Jefferies analyst John DiFucci said his field checks and partner survey indicate Salesforce "will likely easily exceed" Q3 estimates of 10% billings growth based on modest guidance. He expects continued strong new business growth in the Americas and modest momentum in the commercial segment. Salesforce's Q4 guidance may come in below estimates, but it should at least hit annual numbers, DiFucci said. In addition, BTIG analyst Joel Fishbein raised his price target on Salesforce to $120 from $100 on November 8 following the company's Analyst Day, as it focused on outlining long-term targets in the context of operating discipline efforts to expand margins and profitability. The analyst said the company will aim to increase its footprint in the enterprise with a broader product portfolio, adding that the "massive addressable market" and further international expansion leave "plenty of room for 20%+ mid-term revenue growth.
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