Oppenheimer analyst Brian Schwartz raised the firm’s price target on Salesforce to $225 from $185 and keeps an Outperform rating on the shares. The firm notes Salesforce reported better-than-feared Q4 bookings and guidance. Positively, management set a much higher operating margin target for 2024 and Q1 2025, increased its buyback authorization, and disbanded the M&A committee, Oppenheimer adds. On balance, Q1 2024 CRPO billings growth implies a sharp deceleration against an easier comparison but is not turning negative, and in combination with comparisons easing after Q1, puts a dent in the bear case, the firm argues.
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