KeyBanc analyst Michael Turits lowered the firm’s price target on Salesforce to $200 from $210 and keeps an Overweight rating on the shares ahead of Q3. The analyst is also trimming fiscal 2024 estimates. He remains positive on the long-term outlook for Salesforce as front office applications leader, and was encouraged by the company’s fiscal 2026 $50B revenue and 25% margin analyst day targets–and by the push the company may be getting on margins from activist investor Starboard. That said, Turits remains cautious regarding the near-term outlook given ongoing recession concerns, slowing cloud spend, and weaker conversations he had with a few Salesforce channels this quarter, some of whom indicated missed targets and/or slowing growth this quarter and into next year.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CRM:
- Salesforce price target lowered to $210 from $230 at Baird
- Salesforce’s (NASDAQ:CRM) Q3 Results: Here’s What to Expect
- Wall Street Loves These 4 “Strong Buy” Stocks Right Now
- Salesforce price target lowered to $200 from $225 at Evercore ISI
- Salesforce price target lowered to $185 from $200 at Stifel