UPDATE: Nomura Reiterates Buy Rating, Raises PT on salesforce.com Following Solid 3Q, Dreamforce Analyst Meeting

In a report published Tuesday, Nomura analyst Rick Sherlund reiterated a Buy rating on

, and raised the price target from $50.00 to $65.00. In the report, Nomura noted, “Salesforce.com reported another strong quarter of revenue and billings growth and is expected to announce a new Salesforce One mobile product platform and strategic relationships today at its annual Dreamforce user group meeting, to be attended by a reported 130,000 users. We are attending this and the company's analyst meeting. Revenue growth of 36% was a bit above the Street expectation of 33%. Billings growth of 37% (we estimate 26% on an organic, cc basis) was also ahead of the Street. Valuation is rich, but the company continues to innovate and provide upside to expectations. The shares are Buy rated and we raise our target price to $65 from $50.” salesforce.com closed on Monday at $55.51.