CRM Projected for Modest Upside Over Next Three Years

Despite its current price of $190.99, Salesforce (CRM) is projected to see a modest 24% upside over the next three years under a conservative scenario.

The company's revenue growth, which has been driven by Slack's integration into large-scale deals, is expected to continue at an annual rate of 9.9%. Net margin is also expected to ease from 18.7% to 17.5%, but the multiple will remain near today's 20.7x.

This growth story is threatened by weakness in CRM's marketing and commerce segments, as well as softness in Tableau bookings and renewals.