Salesforce.com: A Play on (Gulp!) Web 3.0
Salesforce.com (CRM) is the thing you’ve been waiting for: a play on Web 3.0.
At least, that’s the way Jefferies & Co.’s Ross MacMillan sees it. He raised his rating on the stock today to Buy from Hold, and upped his price target to $77 from $49. The move comes one day after the company reported better-than-expected results for its fiscal first quarter ended April.
MacMillan contends that the company is morphing from the leader in on-demand CRM software to “a major provider of cloud computer infrastructure.” (Which is to say, Web 3.0.)