Piper Jaffray Overweight On salesforce.com

Piper Jaffray is out with a research report on salesforce.com CRM and it has an Overweight rating and a $183 price target on shares. In a note to clients, Piper Jaffray writes, "We walk away incrementally positive after attending day one of Dreamforce. Attendance reached spectacular heights, with 45,000 total registrations, as CRM stated that Dreamforce is now the largest tech conference in the industry. More importantly, we believe the company essentially raised the growth bar by citing an industry forecast 26% CAGR through 2015 and stating that any company which doesn't grow above that level would lose relevance in the industry, while also stating "we've got to grow 30%+ to gain share". This implies upside, as consensus is only modeling 21% growth. Also, in our opinion, Salesforce.com has successfully honed its Social Enterprise messaging, which now fits well with the entire product suite and may prove to be a catalyst in attracting C-Suite mindshare. Reiterate OW, $183 price target." Shares of CRM gained $5.29 yesterday to close at $128.75.