Thomas Weisel Raises Salesforce.com (CRM) Price Target To $77

Thomas Weisel analysts Tom Roderick and Gur Talpaz maintained their Overweight rating for shares of Salesforce.com (NYSE: CRM) and raised their price target from $70 to $77.

The Thomas Weisel analysts said that the 24% growth in 4th quarter billings drove them to increase their price target for Salesforce.com.

Total revenue of $354 million easily beat the analysts' estimate of $341 million, the average Wall Street estimate of $342.3 million and Salesforc.com's own guidance of $340 million to $342 million.

The analysts went on to say that they, "believe that salesforce.com represents a compelling investment opportunity for several reasons, namely that the company continues to lead the charge in the move towards an ondemand software delivery model, which we feel is a sustainable wave of growth in the applications software market. Even though salesforce.com has amassed more then 71,000 customers, we see room for the company to continue to gain ground across all key market segments. In addition, we believe the company has the unique opportunity of leveraging both its market leadership and large customer base to expand its reach well beyond CRM."