Deutsche Bank analyst, Karl Keirstead, reiterated his Buy rating on shares of salesforce.com (NYSE: CRM) and raised his price target to $150 from $140 but noted that buy side expectations for billings growth may have been as high as high teens making the 17%, although a beat on guidance, in line with expectations.

The analyst stated "For 2QF19, we calculate 18% implied organic billings guide given the unearned revs (UR) guide of +23% y/y and stripping out $95m of assumed MuleSoft revs. Assuming a “normal” beat, 20%-25% billings growth in 2QF19 will likely be viewed as good enough".

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Shares of salesforce.com closed at $126.88 yesterday.