Salesforce price target raised to $170 from $160 at Cowen

Cowen raised the firm’s price target on Salesforce to $170 from $160 and keeps an Outperform rating on the shares. The analyst said our commercial partner survey showed solid 4Q performance. Our enterprise checks were however weaker, signaling elevated pressure on net expansion rates and cross-sell activity. Activism, increased profit focus, and elevating demand headwinds create varying elements for the stock but the sector has been reacting well to stronger margin outlooks post headcount cuts.