salesforce.com (CRM) Bullish Stance Reiterated at Needham & Company Amid Solid Q3

Needham & Company analyst Michael Huang reiterated a Buy rating and $70 price target on salesforce.com (NYSE: CRM) following solid Q3 results.

Huang commented, "Q3 was (especially after adjusting for FX impact) highlighted by 28% y/y billings growth (in constant currency), which suggests the health of fundamentals and secular trends. While some might be disappointed by the in-line revenue guide and light F16 rev guide, we're not at all concerned. We believe Salesforce is the highest quality, best-scaled SaaS vendor in our universe leveraged to numerous secular trends, and we appreciate that F16 guidance is prudently conservative, suggesting ample headroom for significant upside revisions especially on the heels of a potentially very strong Q4 (which likely stands to benefit from Dreamforce momentum)."

The firm raised FY 2015 EPS from $0.50 to $0.52.

For an analyst ratings summary and ratings history on salesforce.com click here. For more ratings news on salesforce.com click here.

Shares of salesforce.com closed at $61.02 yesterday.

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