Jefferies Lifts Salesforce Stock Price Target to $300 Amid Strong Growth Prospects
Jefferies has raised its price target for Salesforce (Salesforce.com) stock to $300 from $250, maintaining a Buy rating. The firm cited the company's first current remaining performance obligation beat in three quarters, with 14% growth versus 13% constant currency guidance.
This marked an acceleration after two quarters at 13%. Salesforce guided for 14% growth in its fiscal third quarter, above the Street estimate of 13%. Recent acquisitions of Contentful and Fin could add to current remaining performance obligation, Jefferies said.
The firm noted sales executives are returning from AI labs and highlighted upcoming innovation and customer announcements at the Dreamforce conference. Jefferies values Salesforce at 13 times calendar year 2027 enterprise value to free cash flow.