JG Capital Reiterates Overweight Rating, $185 PT on salesforce.com

In a report published Wednesday, JG Capital reiterated its Overweight rating and $185.00 price target on salesforce.com CRM. JG Capital noted, “For FQ4 (Jan), they guided to $825-830M and 38-40c, which is in-line with consensus. Deferred revs are expected to grow in the mid-to-high-20% range (low-30% range in CC), due to anniversary of multiyear invoice and annual invoicing policy change...We believe CRM will continue to take market share. We reiterate our Overweight rating on CRM with a 12-month price target of $185, which equates to an EV of 6.6x our FY:14E (Jan) revenue forecast.” salesforce.com closed on Tuesday at $145.90.