Jim Cramer Says He is “Feeling A Lot More Sanguine About Salesforce’s Stock”

Salesforce, Inc. (NYSE:CRM) is one of the stocks Jim Cramer recently covered. Cramer said that he is a believer of Marc Benioff’s “ability to deliver on the long-term targets,” as he commented:

“Still for me, the mere announcement of this ambitious revenue target felt like a turning point for Salesforce. As an extremely frustrated long-term shareholder in this one, it was very encouraging to finally get a break from what’s felt like a constant drumbeat of negativity this year, at least from the analysts. Bottom line: After spending the week in San Francisco, much of that time at Dreamforce, I’m feeling a lot more sanguine about Salesforce’s stock than I was last Friday.

That said, if you want to own Salesforce, you need to have faith in Marc Benioff’s ability to deliver on the long-term targets. Given his track record, his long-term track record, call me a believer, which is why we still own this one for the Charitable Trust. At the same time, patience is needed. Even though Salesforce’s new long-term guidance was positive, the enterprise software group is so hated, I don’t know if anyone on Wall Street will even care, at least for the moment.

I don’t know if the stock can snap back anytime soon. I’m simply betting that it’ll be a winner over the next 12 to 18 months, which means you can’t afford to trade in and out of it because when you do that, there’s a very good chance that you’re out of it when we get the eventual gains.”

Pixabay/Public Domain

Salesforce, Inc. (NYSE:CRM) provides cloud-based CRM solutions that connect businesses with customers through AI-driven tools and analytics.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.