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TRADE ALERT- Bank of America Says Buy (CRM)

In a note sent to investors Friday, Bank of America (NYSE: BAC) reiterated its “Buy” rating on (NYSE: CRM) and $57.00 price target on the stock. Bank of America said in the note:

“The stock is up 7% in the aftermarket following strong 2Q results. The bears have focused on adjusted billings, which saw meaningful improvement in the quarter. We calculate adjusted CC organic billings grew 34% y/y. Underlying new DR growth trends are better as the tailwind from annual billing and multi-year contracts get smaller. After seemingly mixed 1Q results, the Q2 beat clearly demonstrates that seasonality is having a meaningful impact on the business as the company pushes deeper into the enterprise. The company expects DR growth in the high 20’s excl. ET, providing a relief to investors since DR is a leading indicator.”

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[stock-tools exchange="NYSE" symbol="CRM" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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