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NEW YORK - Shares of Salesforce.com Inc. advanced on Friday after a Deutsche Bank analyst raised his price target on the provider of customer relationship management services, saying the company has demonstrated a robust growth rate in the past two quarters.
The stock rose $2.58, or 3.7 percent, to $72.79.
Tom Ernst Jr. raised his target to $100 from $85 in a note to investors late Thursday, saying the company is improving its competitive position in the sales automation market.
The new target implies upside of 42 percent from the stock's Thursday closing price of $70.21.
He said a risk to the company was the possibility of larger software or Internet companies more aggressively competing in its market, along with the broader economic slowdown.
Ernst reiterated his "Buy" rating on the San Francisco-based company.
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