Salesforce Price Target Raised to $250.00 Amid Bullish Analyst Views
Salesforce's price target has been raised by Wells Fargo & Company from $230.00 to $250.00, indicating a potential upside of 2.73% from its previous close. This upward revision was made in a research note issued on Friday and reflects the firm's equal weight rating on Salesforce's stock.
The CRM provider reported $5.90 earnings per share for the quarter, topping analysts' consensus estimates by $2.63. Revenue for the quarter came in at $11.35 billion, up 10.8% from the same period last year. Analysts predict that Salesforce will post $12.82 earnings per share for the current fiscal year.
Several other research reports have been issued recently, including a downgrade by HC Wainwright to a 'negative' rating and a price target decrease by Phillip Securities from $253.00 to $166.00. However, Canaccord Genuity Group boosted its target price on Salesforce shares from $270.00 to $300.00, giving the stock a 'buy' rating.
Despite these mixed signals, analysts remain generally bullish on Salesforce's prospects, particularly with regard to its AI ecosystem and revenue growth potential. The company has set its fiscal 2030 revenue target at over $63 billion, exceeding analyst expectations.