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Salesforce.com: Citi Ups Rating To Buy on Valuation

in News on August 26, 2008 at 6:52 am PT

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.