Salesforce downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Brent Bracelin downgraded Salesforce to Neutral from Overweight with a price target of $232, down from $268. The analyst “proactively” reduced 2024 growth estimates and price targets across the cloud applications and analytics group saying near-term demand stabilization may not support “overly optimistic” consensus growth rates While sector valuations and growth could be nearing a bottom, Piper has less confidence in growth acceleration potential, the analyst tells investors in a research note.