Salesforce Stock Holds Near $247 After Analyst Target Hikes
Salesforce's stock price has held steady near $247 after recent analyst target hikes.
Around 100 analysts have raised their target prices for the company, with Cantor Fitzgerald being one of them. They increased their price target from $250 to $300 and maintained an Overweight rating on September 2. Other firms like Stifel kept a Buy rating and a $275 target, while UBS stayed at Neutral with a $240 target.
The consensus is still higher than the last close, with an average target price of $267.12 and a consensus rating of Moderate Buy. This positive sentiment follows Salesforce's latest earnings beat, where they reported $5.90 in quarterly earnings per share and $11.35 billion in revenue for the quarter ended August 26.
The same quarterly print topped the consensus estimate of $3.27 EPS by $2.63, and the revenue figure also came in above the $11.33 billion forecast. Analysts still see room for growth in the company's AI push, which is expected to be a major focus at Dreamforce.