Piper Jaffray Reiterates Overweight on Salesforce.com, Raises PT to $183

Piper Jaffray reiterated its overweight rating on Salesforce.com

. At the same time, Piper Jaffray increased its price target from $177 to $183, after Salesforce.com posted better than expected Q1 results. In a research report published today, Piper Jaffray states, "Consistent with findings from our partner survey, CRM reported Q1 results well ahead of consensus, highlighted by 44% billings growth (vs. 25% consensus), driven by a strong and linear performance across all product lines and geographies. Overblown concerns about Japan impact proved to be ill-conceived, as CRM indicated its Japan operations came very close to their original plan. Results support our thesis that "Salesforce for the Masses" is taking hold in 2011 as CRM's platform hits a turning point driven by the release of multiple viral Freemium offerings. Bottom Line: CRM remains the best investment in the powerful Cloud Computing wave. Reiterate Overweight, raising target to $183." On Thursday, Salesforce.com added 1.16% to its value. Its shares are having a very good pre-market trading session, however, surging 7.41% to $145.87.