Zacks Investment Research upgraded shares of Salesforce.Com (CRM) from UNDERPERFORM to NEUTRAL on September 18, 2012, with a target price of $166.00.
Salesforce's second quarter 2013 results beat the Zacks Consensus Estimates on both the top and bottom lines, although guidance for the next quarter was mediocre. Salesforce enjoys a first-mover advantage in the cloud-based CRM segment and its recent focus on social networking with the Radian 6 acquisition is encouraging. Therefore, despite the intensifying competition from Microsoft, SAP and Oracle, we expect the company s R&D focus to work in its favor in the long run. Moreover, the company has strong balance sheet and cash position. We are therefore upgrading the shares from Underperform to Neutral.
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