Salesforce.com "neutral," estimates raised

11/16/07 - Robert W. Baird

NEW YORK, November 16 (newratings.com) - Analysts at Robert W Baird maintain their "neutral" rating on Salesforce.com Inc (CRM), while raising their estimates for the company. The target price is set to $58.

In a research note published this morning, the analysts mention that the company has reported its F3Q revenues and GAAP EPS marginally ahead of the consensus. Salesforce.com has issued its revenue guidance for FY09 at $1.00-$1.02 billion. The company continues to bag impressive deals, including the 30,000-seat order from Citigroup, while enhancing its service offerings, the analysts say. The EPS estimates for 2008 and 2009 have been raised from $0.10 to $0.13 and from $0.33 to $0.34, respectively.