Salesforce price target lowered to $250 from $300 at Piper Sandler

Piper Sandler lowered the firm’s price target on Salesforce (CRM) to $250 from $300 and keeps a Neutral rating on the shares. Bullish views that the 9% price increase implemented last summer could help insulate growth this year have proven to be too optimistic based on revised guidance that top-line growth could now slow to 7%-8% on macro and FX headwinds, the firm says. This is slightly below the two-year consensus view that Salesforce could sustain 9%-10% growth. Lower guidance from Workday (WDAY) last week combined with Salesforce results could create additional uncertainty across the SaaS industry where industry growth rates are poised to moderate for the third straight year, Piper adds.