While I'm watching the Green Bay Packers poised for a continued run of 7-1 (they haven't won 8 straight since Vince Lombardi) and scouring through weekend research, I'm impressed by the recent strength in Salesforce.com (NYSE: CRM). But what I think is even more interesting is that I don't think this puppy is done going up.

Salesforce provides Software as a Service (SaaS), hosted software that runs sales teams for thousands of companies. Instead of buying the software (like shelling out $300+ for Microsoft (NASDAQ: MSFT) Office), Salesforce "rents" the software via a subscription model. Salesforce has seen strong take-up of their service, with growth of 60% in 2007 and 58% in 2006. Even bullish analysts have projected subscription growth slowing down significantly over the next two years. Growth is definitely slowing -- but it's not going away. Look for more possible upside here.

Margins should also stand to benefit. As growth stabilizes, business will shift from first-time customers to renewals. Renewals are typically higher margin than first sales, given the lower associated sales cost.

High-flying tech companies eventually face slowing growth, but it generally doesn't happen overnight. For now, it looks like CRM has some more powder in its keg.

Zack Miller is the lead equity analyst for America Israel Investment Associates, LLC., the managing editor of IsraelNewsletter.com and a former equity analyst for a leading multinational hedge fund. He holds no position in CRM as of 11/04/07.