Salesforce price target raised to $255 from $240 at Wedbush

Wedbush analyst Daniel Ives raised the firm’s price target on Salesforce to $255 from $240 and keeps an Outperform rating on the shares. With the bears expecting a softer print this quarter with macro fears swirling heading into CRM earnings, Salesforce “came out of the gates swinging featuring a Djokovic-like performance” with a top and bottom-line beat and raise quarter driven by MuleSoft momentum and its overall subscription business further proving strength in the Beltway, the firm says. As Salesforce continuously invests into AI looking into the future building artificial intelligence into all of its cloud bases, Wedbush expects Dreamforce just around the corner in a few weeks to provide a large drive of growth pushing Salesforce further in its AI revolutionary path with the current transformation underway.