Jefferies Reiterates Overweight, $156 Target on Salesforce.com

Jefferies maintains its Buy rating and $156 price target on Salesforce.com, Inc. (NYSE: CRM) as the company continues to build momentum on cloud social marketing.

Jefferies notes, “We attended Cloudforce in NYC yesterday, which is the second event of its kind that CRM has held this year (10K+ people registered vs. 5K+ for the March 2011 event). Our thoughts on the stock were unchanged as little new information was provided & we continue to believe that the company is a best-in-class provider of SaaSbased CRM and a promising early mover in PaaS, which is a nascent market with a large TAM.”

CRM closed at $118.42 per share on Wednesday.