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Citi Raises Price Target on Salesforce


Citi analysts updated their price target for Salesforce (NYSE:CRM), increasing it from $229 to $247 per share, while maintaining a Neutral rating on the stock.
The analysts communicated to investors that the approach to Salesforce’s Q3 earnings is marked by a balanced perspective on the company’s prospects for growth and margins. They referenced discussions with partners that echoed similar sentiments as previous quarters, highlighting challenges in renewals and new business acquisitions. Notably, one partner observed minimal or no new net product adoption, and there was a general consensus about pushback from customers against Salesforce’s assertive pricing during renewals.
The decision to keep a Neutral rating on Salesforce’s stock is driven by the belief that the company’s margin expansion has largely reached its peak and that growth might slow down, potentially settling into the high single digits by fiscal 2025.

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