Salesforce price target raised to $200 from $180 at BofA

BofA analyst Brad Sills raised the firm’s price target on Salesforce to $200 from $180 and keeps a Buy rating on the shares. Salesforce partner commentary points to "fairly muted" Q4 activity, but this is not surprising given disruption from recent restructuring and the firm believes that any disruption to execution prompted by the restructuring was factored into Q4 guidance, BofA tells investors. While the firm is lowering its FY24 revenue estimate to $33.96B from $34.2B, it is raising its FY24 operating margin estimate to 24.5% from 22.5% for the job cuts announced last month and continues to believe that "Salesforce is emerging as the next quality GARP stock in software."