Deutsche Bank Reiterates Buy on Salesforce.com, Raises PT to $210

Deutsche Bank reiterated its Buy rating on Salesforce.com CRM. At the same time, DB raised its price target from $200 to $210 after Salesforce.com posted better than expected Q1 results. In a research report published today, DB states, "Salesforce.com reported 1Q12 revenue of $504m that was ahead of our/Street estimates of $481/$482.5m. EPS of $0.28 also beat our/Street estimate of $0.27. Revenue growth in the quarter was aided by 2pp of FX tailwind. Billings growth of 44% y/y represented 8th consecutive quarter of acceleration despite 1Q typical seasonality. Impact from the disaster in Japan was minimal, as the company executed across the board, while aggressively investing in future growth. Reiterate Buy and raise PT to $210, from $200." On Thursday, Salesforce added 1.16% to its value to close the day at $135.81. Its shares surged 6.78% to $145.02 in today's pre-market trading.