UPDATE: Atlantic Equities Upgrades salesforce.com on Multiple Positive Factors

In a report published Monday, Atlantic Equities analyst Chris Hickey upgraded the rating on salesforce.com (NYSE: CRM) from Neutral to Overweight, and reiterated the $67.00 price target.

In the report, Atlantic Equities noted, “We upgrade Salesforce.com to Overweight from Neutral. We expect the company to double revenue over the next three years, driven by secular SAAS tailwinds, a benign competitive environment and a new focus on the enterprise opportunity. We also expect less M&A and a return to margin expansion, which should help sentiment. Valuation requires Salesforce to ultimately diversify beyond CRM but we are more optimistic here than in the past.”

salesforce.com closed on Friday at $53.96.