Wunderlich Securities Initiates Coverage On Salesforce.com With Buy Rating

According to Wunderlich Securities, Salesforce.com

coverage is initiated with a Buy rating. Wunderlich Securities said that it is initiating coverage of Salesforce.com (

) with a Buy rating and $168.00 price target. “As the best scaled, and perhaps most defensible SaaS player, and given its still-rapid growth, we see the premium as justified, and see upside to our target price of $168.00 simply by holding its current multiples and continuing to grow at an accelerated pace (noting 2Q12 revenues grew 38.4% yr./yr.).” Salesforce.com closed yesterday at $123.46.