Wedbush Raising Target On Salesforce.com

According to Wedbush, Salesforce.com CRM reported very strong FQ1 results with yr/yr billings growth of +44% (much higher than the whisper of ~30+%), which it calculates was ~+39% in constant currency. Wedbush said that with revenue and billings growth accelerating, and with several new products recently introduced (Chatter), or in the early stages of their cycles (Heroku, Platform, Radian6), it believes there could be further upside to management's raised F2012 guidance. “Because we are confident that CRM management will continue to slowly ratchet up their revenue growth guidance over the next few quarters, we believe CRM shares should outperform those of its peers. As such, we recommend investors continue to purchase CRM shares, and do so aggressively on any potential dips.” Salesforce.com closed yesterday at $135.81.