Salesforce.com (CRM -4.4%) is cut to Underperform at Cowen, citing slowing billings at a company...

|By:, SA News Editor

Salesforce.com (CRM -4.4%) is cut to Underperform at Cowen, citing slowing billings at a company “in the early stages of growing pains." After missing billings expectations in Q3, CRM changed its renewal policy to annual payments, which could positively impact billings in FY2013 via "the artificial one-time inflation of deferred revenue, but is likely a sign of longer-term pressure on the business.”