Jefferies Maintains Buy, $156 PT on Salesforce.com

In a research note, Jefferies reiterates its Buy rating and $156 price target on Salesforce.com, Inc. CRM as the company misses billing expectations but raises forecast going ahead. Jefferies comments, “CRM disappointed by missing F3Q12 Street billings expectations for the first time in 10 quarters. Mgmt said that they exceeded their own new business expectations in the Q and implied F4Q12 billings would reaccelerate. Also, FY13 rev growth was above prior Street ests (adj. for assumed Model Metrics contribution).” CRM closed Thursday's trading at $126.09 per share.