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Friday, February 17, 2023 9:08:53 AM
Salesforce dips as Citi opens a near-term downside catalyst watch
By: Investing.com | February 17, 2023
Citi analysts opened a downside 30-day catalyst watch on Salesforce (NYSE:CRM) stock today as it trades about 27% higher year-to-date (YTD). The analysts rate CRM stock as Neutral with a $182 per share price target (up from the prior $164).
“Shares have had a nice run on positive headlines from cost cuts and activist involvement, potentially leaving conditions ripe for a near-term pullback as margin upside may be priced in and growth metrics could disappoint. As a result we open a negative catalyst watch,” analysts wrote in a client note.
They said they are “tactically cautious” on CRM heading into results after partner checks showed “further signs of slowing demand from 3Q levels, “shelfware” issues and overall front office/CRM fatigue which we think could limit upside to growth metrics in Q4 and the initial FY24 outlook.”
Analysts are above consensus on the operating margin, but below on operating cash flow and cRPO growth.
“We believe shares are largely fairly valued for HSD-LDD top-line growth, despite improved margin trajectory,” they said.
CRM stock trades nearly 1% lower in pre-market Friday.
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By: Investing.com | February 17, 2023
Citi analysts opened a downside 30-day catalyst watch on Salesforce (NYSE:CRM) stock today as it trades about 27% higher year-to-date (YTD). The analysts rate CRM stock as Neutral with a $182 per share price target (up from the prior $164).
“Shares have had a nice run on positive headlines from cost cuts and activist involvement, potentially leaving conditions ripe for a near-term pullback as margin upside may be priced in and growth metrics could disappoint. As a result we open a negative catalyst watch,” analysts wrote in a client note.
They said they are “tactically cautious” on CRM heading into results after partner checks showed “further signs of slowing demand from 3Q levels, “shelfware” issues and overall front office/CRM fatigue which we think could limit upside to growth metrics in Q4 and the initial FY24 outlook.”
Analysts are above consensus on the operating margin, but below on operating cash flow and cRPO growth.
“We believe shares are largely fairly valued for HSD-LDD top-line growth, despite improved margin trajectory,” they said.
CRM stock trades nearly 1% lower in pre-market Friday.
Read Full Story »»»
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