Salesforce Stock Slumps as Wall Street Disappointed by Q1 Earnings
Salesforce (CRM) stock slipped over 2.5% in early trade after the software developer's quarterly earnings failed to impress Wall Street analysts.
The company reported first-quarter revenue of $11.13 billion, surpassing expectations of $11.05 billion, but guided second quarter revenue of $11.03 billion, narrowly missing consensus of $11.4 billion.
DA Davidson analyst Gil Luria lowered the company's price target to $175 from $200 and kept a 'Neutral' rating on the stock, citing that Salesforce's first-quarter earnings gave a solid start to the year but did not provide 'the ammunition' for bulls to get more constructive.
Roth Capital analyst Richard Baldry, however, remained bullish on the stock, keeping a 'Buy' rating and maintaining a $325 price target, implying potential upside of about 83% from Wednesday's closing price.