Bank of America Reiterates Buy, $160 PT on Salesforce.com

Bank of America maintains its Buy rating and $160 target price on Salesforce.com (NYSE: CRM) amid weakness over billings growth concerns.

BofA comments, “Annual invoicing focus in Q4 not a change from the norm. The stock was hit on a downgrade yesterday driven by concerns, including one that pertained to the company's focus on annual invoicing this Q4 under progress. … Oddly enough we felt that the focus on annual invoices and deferred revenues was a positive and not a negative. After all, this should help and not hurt the company's cash flows.”

CRM closed at $116.07 per share on Monday.