Daily Archives: Wednesday, January 10, 2018 5:33am

On Tuesday, January 9th, Salesforce (CRM) broke through its all-time high set back on November 21st. It has now comfortably past our target of $108 set back on December 19th. Given the recent run-up in the stock price and the equity markets in general, we now believe fiscal Q4 2018 results and Q1 2019 guidance beats are being fully accounted for in the stock price. This is based on CRM’s historical EV/EBITDA valuation, its CLTV/CGC relative valuation and CRM’s high r-squared with the NASDAQ Composite. We believe investors should stop accumulating shares of CRM above $108. We continue to monitor CRM’s competitive […]