Jefferies Lifts Salesforce Stock Price Target to $300 on Strong Growth Prospects
Salesforce's stock price target has been raised to $300 by Jefferies, a significant increase from its previous target of $250. The firm cited the company's strong growth prospects and undervalued stock as reasons for the upgrade.
Salesforce reported a 14% growth in its first current remaining performance obligation, beating the estimated 13% constant currency guidance. This marked an acceleration after two quarters at 13%. The company also guided for 14% growth in its fiscal third quarter, exceeding street estimates of 13%.
Jefferies noted that Salesforce's recent acquisitions, including Contentful and Fin, could add to its current remaining performance obligation. Additionally, the firm highlighted the upcoming innovation and customer announcements at the Dreamforce conference.