The Fly

Salesforce price target lowered to $225 from $250 at Credit Suisse

Credit Suisse analyst Phil Winslow lowered the firm’s price target on Salesforce to $225 from $250 and keeps an Outperform rating on the shares. The analyst notes Salesforce reported solid Q3 results on the income statement. However, while cRPO growth of 12% year-over-year was consistent with guidance and consensus of 12%, it included 100 bps of incremental FX headwind. Management’s updated 2023 revenue guidance was unchanged at $30.900-$31.000 billion, which reflects an incremental $100 million FX headwind, and 2023 operating margin guidance was increased to 20.7% from prior guidance of 20.4%, Winslow says. Additionally, Bret Taylor is stepping down from his role as Co-CEO of Salesforce to "return to his entrepreneurial roots," he highlights.

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