Salesforce price target raised to $240 from $230 at JPMorgan

JPMorgan raised the firm’s price target on Salesforce to $240 from $230 and keeps an Overweight rating on the shares. The company last night reported “another quarter of impressive” operating margin and free cash flow outperformance, while revenue growth and leading indicators continue to show signs of deceleration despite easier comparisons, due to ongoing constraints in buyer behavior, the analyst tells investors in a research note. The firm remains “optimistic and highly confident” in the margin and free cash flow trending of this business over the long term, which it believes continues to warrant valuation upside.