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TechStockProspector.com
March 1, 2013
Deferred revenue on the balance sheet jumped 35% to $1.86 billion. Unbilled deferred revenue (business that has been contracted, but not yet invoiced) at the end of January stood at $3.5 billion, up from $3 billion at the end of fiscal Q3 and $2.2 billion at the end of fiscal 2012. For fiscal Q1, the company sees EPS of 40 cents to 42 cents (the consensus is 42 cents) on revenue of $882 million to $887 million, vs. the consensus of $885.9 million. BofA/Merrill raised its Salesforce price target to $228 from $200 following the strong fiscal Q4 results, saying it thinks the companys cloud opportunity over the next few years is larger than previously estimated. BMO Capital likes the strong deferred revenue growth of 35% and thinks the bump up in the number of big deals indicates that Salesforce is having success displacing legacy vendors Oracle and SAP in the enterprise market. *********************************************************************************** Read the latest issue of Tech-Stock Prospector on your Amazon Kindle or Kindle for iPad/iPhone reading app.