Jefferies raised the firm’s price target on Salesforce (CRM) to $360 from $350 and keeps a Buy rating on the shares. The firm says its deep dive shows Salesforce can sustain low teens top line growth while delivering higher margins as S&M spend is still 6 pts above peers. Salesforce’s potential acquisition of Informatica (INFA) will not be dilutive, Jefferies says. The firm believes that Salesforce can drive more margin upside to the high 30s long-term. Jefferies sees Salesforce as a $12 EPS story in 2026, implying a $360 stock at 30-times.
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