Salesforce (CRM) has revealed the launch of Corporate and Investment Banking for Financial Services Cloud to cater to the needs of the highly competitive financial services industry.
Shares of the American cloud-based software company have jumped 29.7% over the past year. (See CRM stock analysis on TipRanks)
GM of Salesforce Jujhar Singh said, “With Corporate and Investment Banking for Financial Services Cloud, we are providing bankers new ways to build and deepen relationships with customers and manage key accounts by leveraging artificial intelligence.
He added, “With these new innovations from Salesforce, bankers can spend their time as trusted advisors for their clients by accelerating deal pipelines and better managing sensitive information to ensure they remain compliant through every step of the deal.”
Recently, following the company’s upbeat first-quarter results, RBC Capital Markets analyst Matthew Hedberg increased the price target from $285 to $290 (22.8% upside potential) on the stock.
Hedberg believes Salesforce is well-positioned to drive robust growth and achieve its long-term targets based on strong Q1 revenues, resilient margins, and increased annual guidance.
Overall, the stock has a Strong Buy consensus rating based on 21 Buys and 6 Holds. The CRM average analyst price target of $274.42 implies 16.2% upside potential from current levels.