Salesforce Finds Silver Lining in the Cloud

With accelerating fundamentals and one of, otherwise the most, powerful secular-growth stories in innovation, we assume Salesforce's shares will trade to 40 times our fiscal 2013 free-cash-flow estimate plus about $7 per share in net cash, which yields a price target of $180 per share.

The sins of Spain

Investors have punished Telefónica shares for the sins of Spain. But the telecom giant does most of its business elsewhere, and is growing smartly

The at once wave of Chinese-based digital media and social-networking IPOs may present investors with a rare possibility. DCM knows the ropes.