Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Salesforce (CRM) to $370 from $380 on group multiples compression, while keeping an Outperform rating on the shares. The firm notes Salesforce’s Q1 results were mostly above consensus estimates and show a 200bps beat to the CRPO growth guidance. Management commentary was strong on Agentforce and Data Cloud adoption, and positive on certain Industries momentum. Negatively, the growth guidance remains tepid to reflect a tough macro environment.
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