Wells Fargo Upgrades salesforce.com (CRM) to Outperform; Social Engagement Driving Demand

Wells Fargo upgraded salesforce.com (NYSE: CRM) from Market Perform to Outperform with a price target range of $165-$170 (from $145-150).

Wells analyst says, "We upgrade shares on the increased conviction that revenue growth can meet or exceed our estimates for 31% growth in FY2012 and 23% growth in FY2013. We see several potential growth drivers over the next few years that could push estimates higher. We acknowledge that we are in a very challenging market, and the stock may not yet have reached its low, however we think SFDC is a long-term winner. With the stock trading at an EV-to-sales multiple of 6.8x our forward estimates, we believe this represents a nice entry point. We think the stock can go higher as a number of incremental growth drivers are poised to accelerate."

For more ratings news on salesforce.com click here and for the rating history of salesforce.com click here.

Shares of salesforce.com closed at $135.43 yesterday.

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