Piper Jaffray analyst Mark Murphy this morning raised his rating on Salesforce.com (CRM) to Overweight from Neutral, while keeping his $115 price target.
He offers four reasons for the upgrade:
- The stock is down nearly $20 in the past two weeks, moving back below his target.
- Transaction volume growth has accelerated to 53% in the first two months of Q3, up from 50% in Q2.
- The company has ramped job postings by 30% in September, the largest increase in 2 years, reflecting a bullish view of business prospects.
- The skyrocketing Euro will benefit revenue growth.
Nonetheless, the stock is down $1.88, or 1.8%, to $103.07.
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