A Play on (Gulp!) Web 3.0 (CRM) is the thing you’ve been waiting for: a play on Web 3.0.

At least, that’s the way Jefferies & Co.’s Ross MacMillan sees it. He raised his rating on the stock today to Buy from Hold, and upped his price target to $77 from $49. The move comes one day after the company reported better-than-expected results for its fiscal first quarter ended April.

MacMillan contends that the company is morphing from the leader in on-demand CRM software to “a major provider of cloud computer infrastructure.” (Which is to say, Web 3.0.)

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