UPDATE: Credit Suisse Raises PT on salesforce.com on Strong January Results

In a report published Friday, Credit Suisse reiterated its Outperform rating on salesforce.com

, and raised its price target from $185.00 to $200.00. Credit Suisse noted, “Salesforce.com delivered strong January quarter results with revenue, EPS, deferred revenue, and billings above consensus. Salesforce.com's results reinforce our theses on both (1) a multiyear upgrade/expansion cycle for CRM applications and (2) the continued demand for applications that can help boost revenue growth and improve productivity. In fact, CEO Marc Benioff's commentary reinforced our belief that CEOs are increasingly focused on retaining existing customers and attracting new customers and are willing to spend on technologies to achieve these goals despite macroeconomic uncertainty (which continues to drive new business signings for the Service Cloud and the Marketing and Sales Clouds, respectively).” salesforce.com closed on Thursday at $169.22.