UPDATE: Jefferies Lowers PT on Salesforce.com to $160

Jefferies is out with its report today on Salesforce.com CRM, lowering its PT to $160 from $165. In its report, Jefferies writes, "CRM bucked fears of material deceleration, with billings growth of 37% Y/Y or +33% Y/Y on a cc basis. While NG EPS was in-line and CFFO was shy of the Street, mgmt raised growth rates for the year and continue to guide to mid to high teens CFFO growth. We believe CRM is one of the best secular growth stories in software and that mgmt are focused on growth over profitability in the near-term. We raised our rev, opex and capex ests and move out PT to $160 to reflect our slightly lower FCF ests." Jefferies maintains Buy on CRM. Shares of CRM closed Thursday at $114.06, down 9.70% from Wednesday's close.