Salesforce price target raised to $229 from $220 at Citi

Citi raised the firm’s price target on Salesforce to $229 from $220 and keeps a Neutral rating on the shares. Against relatively low expectations, the company’s Q2 results were solid, delivering “healthy upside” to top and especially bottom-line performance even after adjusting for favorable currency, the analyst tells investors in a research note. However, the firm does not think Salesforce “is out of the woods yet” with a continued tough macro environment and a Covid-renewal pool likely to drive further slowing growth in the second half of 2023 coupled with re-investments back into the business.