Salesforce Inc (CRM)

[DiscoverGold]

Here's Why Salesforce Is One of Wedbush's Best Ideas
By: TheStreet | January 7, 2019

alesforce is added to Wedbush's best ideas list on Monday, sending shares higher.

Salesforce.com Inc. (CRM - Get Report) is now a part of investment firm Wedbush's best ideas list, sending the stock jumping more than 3% to $142.32 on Monday.

The bullish outlook on the company follows Saleforce's purchase of human resources integration software provider MuleSoft. Wedbush has an "outperform" rating and $166 price target on shares of the cloud company.

"We've recently talked with cloud sales veterans from major vendors about Salesforce's acquisition of MuleSoft; they see Mule providing a highly complementary sales motion via next-generation integration technology critical to IT in digital transformation," Wedbush said. "Our analysis suggests there's already remarkable revenue synergy with MuleSoft, as Mule benefits from lead passing from the core sales force, investments in sales hiring, and inclusion in more strategic
customer conversations."

The firm said it believes that the purchase will bolster Salesforce after a disappointing third quarter. The company reported just a 16% increase in bookings in the quarter and shares have fallen 17% since late September, performing worse than the Nasdaq, which dropped 15% over the same period.

"Analysts are clearly taking note of the opportunity provided by the prior acquisition of MuleSoft as it has proven highly synergistic thanks to the platform's ability to unlock data trapped on legacy platforms and make it usable on the Salesforce platform, resulting in increased efficiencies for customers as they can now gain a more full understanding of their own clients' needs," Action Alerts PLUS senior analyst Zev Firma told TheStreet.

Read Full Story »»»

• DiscoverGold