Canaccord Raises Salesforce Price Target to $300 on Bookings Confidence

Salesforce.com has seen its price target raised by Canaccord to $300 from $270, as the firm's analyst David Hynes Jr. expresses greater confidence in the company's recent bookings improvement.

The increased target follows Salesforce's Dreamforce Investor Day, where management provided encouraging data on pipeline, coverage ratios and contract activity.

Salesforce outlined a framework for monetizing AI across premium editions, consumption and headless use cases, which has led to analyst sentiment shifting upwards.

With 34 analysts revising earnings upwards for the upcoming period, Salesforce's stock currently trades at $250.54 with a P/E ratio of 23.24 and an attractive PEG ratio of 0.38.