- The shares of Salesforce.com, Inc. (NYSE: CRM) received a $320 target from JMP Securities. These are the details.
The shares of Salesforce.com, Inc. (NYSE: CRM) received a $320 target from JMP Securities. And JMP Securities analyst Patrick Walravens is maintaining an Outperform rating on the shares ahead of the upcoming second-quarter earnings announcement scheduled for August 25.
Walravens had increased the price target from $282. And Walravens pointed out that channel checks on the company’s quarter have been mostly positive, according to The Fly.
Plus one of the highlights with the channel checks included a large ten-figure deal with a networking company along. And there was commentary around other major deals in general as well.
Walravens calculated the new price target based on an enterprise value to expected 2022 revenue multiple of 9.3 times – which is up from 8.2-times prior. But it is still at a 20% discount to the SaaS peer group median multiple of 11.5 times.
Several days ago, Goldman Sachs also adjusted its price target on Salesforce from $320 to $335. And Goldman Sachs maintained a “Buy” rating on the company shares.
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