Morgan Keegan Reiterates Outperform, $150 PT on Salesforce.com

Morgan Keegan reiterated an outperform rating and $150 price target on enterprises software make Salesforce.com (NYSE: CRM) today, saying “we are incrementally positive that CRM's weaker than expected FQ3 billings will be overshadowed by strong FQ4E results as CFO Graham Smith implied that off-balance sheet FQ3 bookings did not slow. As such, we continue to recommend that investors have exposure to CRM shares.”

“We believe that CRM is following in the footsteps of other visionary technology companies in that it's leading customers to the products they don't even know that they need at the current time, like its new push to create the social enterprise,” Morgan Keegan said in a research note.