UPDATE: Morgan Stanley Raises PT to $21 on ServiceSource

Morgan Stanley reiterates its Overweight rating on ServiceSource

and raises its price target to $21 as the company delivers big Q4 beat and provides room for more outperformance in CY12. Morgan Stanley says, "CY11 ending ACV of $240 mn +35% YoY, underscores the momentum at SREV while making the CY12 revenue guide of +19% look very low. New tech wins + new verticals + strong retention = a substantially larger TAM entering CY12, and growth should trend toward 25%+, driving SREVto our new price target of $21." SREV closed at $17.71 a share on Monday.