Salesforce: Wells Fargo raises TP after results
(CercleFinance.com) - Wells Fargo maintains its "overweight" rating on Salesforce shares, having increased its target price for them from $250 to $275, the day after the CRM (customer relationship management) software company's quarterly results.
"CRM delivered on its 30+% OM target early, at 31.6% for Q2 and is now guiding for 30% in FY24 (vs. 28% prior)", the broker points out.
"At ~20x CY24e EV/FCF, valuation presents a lower bar than large cap software peers," it continues.
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