The Fly

Salesforce price target lowered to $172 from $180 at BMO Capital

BMO Capital analyst Keith Bachman lowered the firm’s price target on Salesforce to $172 from $180 but keeps an Outperform rating on the shares after its Q3 results. The analyst states that he was "perhaps too optimistic" in his updated revenue changes ahead of the results given the 10% constant-currency January quarter CRPO guide, though he also believes that the margin expansion story remains intact, which can help support the shares. Bachman adds that he is positive on Salesforce scale, which provides brand, sales, and cost advantages versus other SaaS vendors.

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