Jefferies Reiterates Buy on Salesforce.com

Jefferies is out with its report today on Salesforce.com CRM, reiterating Buy. In a note to clients, Jefferies writes, "Following checks and conversations with industry contacts, we reiterate our positive stance on Salesforce.com. Demand trends sound good, especially around Service Cloud, Force.com and Radian6. With the prospect of a good F2Q12 and Dreamforce in late Aug, we see further additional positive catalysts." Jefferies maintains a $165 PT on CRM. At the time of posting, shares of CRM were trading pre-market at $146.02, down 0.10% from Wednesday's close.