As previously reported, Wells Fargo analyst Michael Turrin downgraded Salesforce to Equal Weight from Overweight with a $280 price target. While the value trade was a lucrative one during 2023 — with many investors pivoting towards larger-cap platforms with more tangible valuation backstops –, the firm is expecting to see a gradual rotation back towards growth in 2024. Given this expectation, Wells is taking profits on value stories that have outperformed through 2023 and shifting toward those with near-term re-acceleration potential plus long-term durable growth.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CRM:
- Snap upgraded, Roku downgraded: Wall Street’s top analyst calls
- Salesforce upgraded to Outperform from Peer Perform at Wolfe Research
- Salesforce Stock (NYSE:CRM): Growth Will Accelerate. Should You Buy?
- Salesforce Stock (NYSE:CRM): The 85% YTD Rally Has No Brakes
- Salesforce’s (NYSE:CRM) Solid Q3 Earnings Point to a Sector Pivot