KeyBanc lowered the firm’s price target on Salesforce to $268 from $272 following partner feedback and lowered forecast, while keeping an Overweight rating on the shares. The firm is lowering revenue/cRPO estimates following softer Q3 2024 solution provider checks and Q4/2025 uncertainty. KeyBanc expects an overall in-line Q3 but sees some risk around the Q4 guide and particularly cRPO as an indicator for FY25.
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