salesforce.com (CRM) PT Raised to $124 at KeyBanc Following 3Q

KeyBanc raised its price target on salesforce.com (NYSE: CRM) to $124.00 (from $108.00) while maintaining a Overweight rating following the company's 3Q earnings report. Salesforce delivered another solid quarter with upside driven by 25% revenue growth and 59% EPS growth, in part driven by healthy margin expansion.

The biggest surprise of the quarter was the acceleration in billed and unbilled deferred revenue, rising 31% y/y to $15.9B. This was the highest growth rate in three years and second straight quarter of accelerating growth.

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