The Fly

Salesforce price target lowered to $200 from $235 at RBC Capital

RBC Capital analyst Rishi Jaluria lowered the firm’s price target on Salesforce to $200 from $235 but keeps an Outperform rating on the shares. The company’s Q3 results disappointed relative to a "low bar", while deteriorating macro conditions are driving a Q4 cRPO growth guide of just 7%, which is below both sell-side and buy-side expectations, the analyst tells investors in a research note. Salesforce continues to compound cRPO growth in the teens and there are many avenues to sustain growth however, including monetizing organic innovation on the core front-office clouds as well as accelerating the growth of acquired assets through cross-sell and bundling, Jaluria adds.

Published first on TheFly

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