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.
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