Salesforce price target raised to $385 from $340 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Salesforce (CRM) to $385 from $340 and keeps a Buy rating on the shares. The company reported solid Q1 results and raised sales guidance, the analyst tells investors in a research note. Investors are weighing the quarter’s execution against a shift in sales distribution philosophy that may suggest a dampened margin outlook, the analyst tells investors in a research note. Goldman acknowledges concerns around Salesforce’s tone change after two years of “carefully orchestrated” margin expansion and expense control, but views the company’s scaling of distribution capacity “to be strategically sound.”