Canaccord Genuity technology analyst Richard Davis reiterated his BUY rating and $170 price target on Salesforce.com (CRM) after shares dropped 6% when the “calculated billings” was reported below expectations . Mr. Davis said:

“We will take our medicine today, but we have lost none of our conviction that Salesforce.com should be a core holding in any growth portfolio. We would be buyers on weakness.”

He added, “Our view is that at some point, perhaps once we get back to a less skittish market, investors will have sufficient confidence in Salesforce’s outlook that the stock will move higher; and in our opinion much higher. Indeed, we believe it is possible that CRM shares could double within 3-4 years, which would imply a 20-25% annual pace of appreciation.”