Tailwinds include a still-to-come generative artificial intelligence cycle, analysts note.
Even a sharp sell-off in Salesforce stock Thursday — down as much as 21% intraday — isn't keeping some analysts on Wall Street from sticking with their optimistic outlooks on the maker of customer relationship management software. Salesforce disappointed Wall Street with a sharp first-quarter revenue miss , which has not happened since 2006. Salesforce executives tied the disappointing results to elongated deal cycles throughout the first quarter that hit the company's booking schedule.
"Longer term, better aligning sales teams by market and reducing complexity in the organizational layers of the business are benefits to operational efficiency," Weiss said. Goldman Sachs analyst Kash Rangan reiterated a buy rating on Salesforce stock, but lowered his price target to $315 per share from $345. Rangan's outlook equates to roughly 16% upside moving forward, again based on Wednesday's close.
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