Canaccord Genuity Reiterates Buy On Salesforce, $65 PT
In a research report issued today, Canaccord Genuity analyst Richard Davis reiterated a Buy rating on Salesforce.com (NYSE:CRM) with a price target of $65.00.
Davis wrote, “Instead of joining the 30 deep queue of sell-side notes recapping what happened at Dreamforce, we took the more difficult and time consuming effort to discuss the “why” and “what could happen” side of the CRM story. Our conclusion is that in a stock market in full retreat, we are hard pressed to find a more attractive combination of promising quality, sufficiently large market cap, and valuation in our universe.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Richard Davis has a total average return of 1.9% and a 47.4% success rate. Davis has a 16.4% average return when recommending CRM, and is ranked #1053 out of 3336 analysts.