The Fly

Salesforce price target lowered to $230 from $240 at Jefferies

Jefferies analyst Brent Thill lowered the firm’s price target on Salesforce to $230 from $240 and keeps a Buy rating on the shares after the company reported total revenue growth in-line with the Street along with billings and CRPO growth that missed Street estimates. Co-CEO Bret Taylor’s departure "caught us by surprise and is showing the co-CEO model isn’t working" with two departures in three years, added Thill in his post-earnings recap note. Due to limited visibility, management did not provide an initial FY24 outlook, as it has historically, but he is lowering his top line growth estimate to 8% from 10%, Thill added.

Published first on TheFly

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