Bank Of America Reiterates Buy Rating On Salesforce.com

According to Bank of America, Salesforce.com CRM Buy rating is reiterated. Bank of America said that it hosted a session with Graham Smith, CFO of Salesforce at our Technology Conference. “The partnership with Intuit to integrate Quickbooks with CRM allows Salesforce to tap into Intuit's 4 million small business customers to resell CRM applications. This is Salesforce's first attempt at reseller channel since it has been relying only on direct sales so far. If this partnership turns out successful, Salesforce will invest more in such reseller partnerships. The revenue upside from Intuit's relationship will be in addition to the current model. Mr. Smith also pointed out that the partnership does not indicate Salesforce's interest in getting into the financials or other back office applications, and its focus will continue to be in CRM and platforms which can power growth for years in the future.” Salesforce.com closed yesterday at $145.78.