UPDATE: Pivotal Research Group Initiates Coverage on salesforce.com on Best Market Position

In a report published Friday, Pivotal Research Group analyst Brian Wieser initiated coverage on salesforce.com (NYSE: CRM) with a Buy rating and $66.00 price target.

In the report, Pivotal Research Group noted, “Salesforce.com is the company best positioned to capitalize on the growing role of technology in the broadly-defined field of marketing. Their focus contrasts with other efforts to apply technology to related areas, such as the narrower sphere of ad-tech. While ad-tech retains its importance in facilitating efficient media buying and selling, we see marketing technology as a much bigger long-term opportunity, and we view Salesforce.com as the leading provider of these technologies at this time. We are initiating coverage with a BUY rating and a $66 FY2015 (for the period ending January 2015) price target, 24% above yesterday's close.”

salesforce.com closed on Thursday at $53.05.