Evercore ISI analyst Kirk Materne lowered the firm’s price target on Salesforce to $200 from $225 and keeps an Outperform rating on the shares after taking down his revenue and CRPO estimates ahead of the company reporting fiscal Q3 results this week. He believes there is enough "noise" in his checks that a more conservative view is prudent and expects it will be "a choppy quarter," but Materne adds the recent reduction in force and likelihood of further cost containment in FY23 "keeps the ~20% FCF growth narrative in play."
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on CRM:
- Salesforce’s (NASDAQ:CRM) Q3 Theme: Soft Software Spending vs. Solid Solutions Suite
- Wall Street Loves These 4 “Strong Buy” Stocks Right Now
- Salesforce price target lowered to $185 from $200 at Stifel
- Jim Cramer Says These 2 Cloud Stocks Could Rebound as Soon as the Fed Slows Down Its Tightening Path
- 3 Battered Tech Stocks with High Upside Potential
