Wells Fargo raised the firm’s price target on Salesforce to $275 from $250 and keeps an Overweight rating on the shares. The firm notes the company delivered on its 30%-plus OM target early, at 31.6% for Q2 and is now guiding for 30% in FY24 vs. 28% prior. At 20-times 2024 EV/free cash flow, valuation presents a lower bar than large cap software peers, presenting a still favorable ROY setup, Wells argues.
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