Salesforce stock reached an all-time high in May 2017
May 2017 proved to be a rewarding month for Salesforce (CRM) investors. After shedding close to 10% of its market value in 2016, which it gained the year before, Salesforce started 2017 on a positive note, with minor ups and downs.
Salesforce stock continued its upward trajectory and on May 12, 2017, it reached its all-time high of $88.04. For a detailed account, please read What Could Boost Salesforce to an All-Time High in 2017?
Piper Jaffray’s strong belief in Salesforce provided a stimulus
The surge in Salesforce stock could be attributed to Alex Zukin, a senior research analyst with Piper Jaffray, naming it as the “most attractive stock” in its universe.
Salesforce is scheduled to report its fiscal 1Q18 earnings[1. fiscal quarter ended April 2017] on May 18, 2017. For fiscal 1Q18, analysts from Estimize, a financial estimate platform, expect Salesforce to post revenues and non-GAAP[1. generally accepted accounting principles] EPS (earnings per share) of ~$2.4 billion and $0.26, respectively.
According to StreetInsider.com, Zukin has a bullish stance on Salesforce and expects fiscal 1Q18 to be “a strong quarter for both enterprise and commercial across multiple verticals and geographies.”
Zukin reiterated his “overweight” rating on Salesforce stock with a price target of $100 that remains unchanged, stating, “We continue to believe that the company remains well positioned for the year.”
Later in this series, we’ll look at the factors that could contribute to Salesforce’s success in 2017.