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Salesforce is the world's leading customer relationship management platform. Currently, the stock is booming after the publication of solid results, exceeding expectations.
The business remained very solid in the third quarter, with total business revenue of 3.39 billion USD, up 26% over the previous year. And while fourth-quarter forecasts have been mixed, Salesforce has provided some very encouraging guidance for 2019 and 2020.
"We see F3Q results from salesforce.com and the improved perspectives supporting our thesis on the customer engagement opportunity," writes Brian Schwartz, an badyst at Oppenheimer (Track Record & Ratings). He reiterated his purchase note on November 28 with a target price of $ 180 (upside potential of 40%).
An economic slowdown could hamper software sales, but companies are still expected to prioritize their spending next year. "This encourages us to focus on CRM in large cap technologies," wrote the badyst.
Overall, Salesforce has a very positive Street ranking right now. Of the 30 badysts who evaluate stocks, 28 are bulls and only two badysts remain on the sidelines. The average badyst price target of $ 173 translates into upside potential of 36% over current levels.
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