Jefferies Reiterates Buy on Salesforce.com

Jefferies & Co. is out with a research report on Salesforce.com CRM and is reiterating its Buy rating and $156 price target on shares. In a note to clients, Jefferies & Co. writes, "CRM announced the acquisition of Assistly, a cloud-based customer service platform, which enhances the Service Cloud and allows CRM to extend its penetration of small businesses. We believe the acquisition will not have a material impact on revs, though it will be $0.02 dilutive to NG EPS on a quarterly basis (excl. F3Q12 due to a one-time benefit). We view the addition as strategic and reiterate our Buy and $156 PT." Shares of CRM are down $3.67 in pre-market trading to $123.00, a loss of 2.9%.