Salesforce Stocks Soar on 'Narrative-Changing' Q2 Earnings

Salesforce's (CRM) stock surged to a six-month high on Thursday after the company reported its second quarter earnings. The shares rallied in morning trade, gaining over 20% and marking their biggest single-day jump since July 2020.

Analysts praised Salesforce's performance, with some calling it 'narrative-changing.' Raymond James analyst Brian Peterson raised his price target to $310 from $290, while Truist and BTIG also increased their targets to at least $300.

Guggenheim analyst John DiFucci said the results helped dispel the 'SaaSpocalypse' that CEO Marc Benioff had been fighting for months. However, some analysts remain cautious, questioning whether Salesforce's AI growth can last.