Piper Jaffray analyst, Alex Zukin, reiterated his Overweight rating on shares of salesforce.com (NYSE: CRM) after Salesforce's 2Q17 results failed to live up to investor expectations with the company noting weakness in the U.S. as a driving factor.

The analyst believes investors should use periods of weakness to buy secular growth stories which he believe CRM continues to be. The analyst stated "we believe CRM sits at the nexus of a sea change in Enterprise Software where fundamentally the customer relationship becomes the product for end customers. With the stock trading at 5.6x CY17E revenue amidst an M&A backdrop where tier 1 assets have been acquired at 7.5x"

No change to the $100 price target.

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Shares of salesforce.com closed at $79.42 yesterday.