Salesforce price target raised to $280 from $250 at BofA

BofA analyst Brad Sills raised the firm’s price target on Salesforce to $280 from $250 and keeps a Buy rating on the shares after the company reported “very solid” Q2 results and raised the FY24 margin outlook “a full 200 basis points” as ongoing productivity efforts are having a positive impact. A 2% point raise to FY24 margin guidance is “impressive,” says the firm, which believes that Salesforce can achieve low 40s margin over a multi-year period, consistent with peers at a similar mid-teens growth profile.