UPDATE: Jefferies Lowering Price Target On salesforce.com

Jefferies & Co. is out with a research report on salesforce.com CRM and is lowering its price target to $156 from $160, but is keeping its Buy rating on shares. In a note to clients, salesforce.com writes, "We believe management sound incrementally bullish about sustaining revenue growth rates at higher levels for longer, as the company's multiple product strategy tied together with the social compute framework creates broader and deeper usage within customers. But spending will remain high and we lower our FY13 op margin assumption. Retain Buy." Shares of CRM gained $5.29 yesterday to close at $128.75.