Citi raises price target for Salesforce amid margin optimism By Investing.com

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Citi raises price target for Salesforce amid margin optimism

Published May 26, 2023 10:10AM ET

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Citi raises price target for Salesforce amid margin optimism

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Investing.com - Citi analysts increased their price target from $210 to $229 on Salesforce Inc (NYSE:CRM) and maintained a neutral rating despite mixed performance during the quarter.

While there is limited upside to top-line numbers for the fiscal year due to macroeconomic uncertainty and 'Salesforce fatigue', the analysts see greater potential on the margin front.

Citi's checks with Salesforce partners revealed a resilient federal deal pipeline and strength in its Marketing Cloud service, offset by challenges such as slow decision-making, renewal pressure, and customer optimization efforts.

While full-year revenue guidance raises are expected to be limited, Citi analysts have increased their margin estimates due to stronger expected cost savings from recent workforce reductions.

This article was produced with assistance from artificial intelligence.

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