Piper Jaffray Reiterates Overweight Rating on salesforce.com

According to Piper Jaffray, salesforce.com

Overweight rating is maintained. Piper Jaffray said that it surveyed 47 CRM partners and found that on average, they finished 3.3% above plan for Q3, marking an uptick from 1.6% above plan in Q2 and a better performance than 2 of the 4 prior quarters. “Based on the strength, we are reducing our FY13 margin assumptions to reflect investments across the business, but still expect good cash flow growth. Reiterate OW, $183 target.” salesforce.com closed yesterday at $136.60.