Salesforce price target raised to $350 from $325 at Jefferies

Jefferies analyst Brent Thill raised the firm’s price target on Salesforce to $350 from $325 and keeps a Buy rating on the shares. The firm’s survey indicates a modest improvement in demand. Its checks indicate manufacturing and tech verticals are rebounding, while public sector demand remains strong. Jefferies expects Salesforce to exceed 10% Q4 CRPO growth guide and guide conservatively for 2025. Further, the firm estimates 10% top line growth for 2025 below the Street at 11% and 31.5% margins below the Street at 31.9%. Jefferies sees Salesforce as a $10-plus earnings story in CY25.