Take profits in Salesforce.com, Wedbush Morgan analyst Michael Nemeroff advises.
Nemeroff this morning cut his rating on CRM to Sell from Hold, noting that the shares at last night’s close of $37.38 were more than $10 above his $27 target price.
Salesforce.com shares are trading higher this morning after Citigroup’s Brent Thill raised his rating on the stock to Buy from Hold, while maintaining a $70 price target. Thill notes that the stock had dropped 13 percent in the three days after the company reported earnings, “even after short-covering.” He notes that the company trades at 24.1 times calendar 2009 free cash flow per share, a reasonable valuation given expected 30 percent annual growth through 2010.
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