Analysts at brokerage Robert W. Baird & Co. have named cloud computing giant Salesforce (CRM) their top large-cap software pick.
Baird said improvements in perception around Salesforce’s data cloud strategy and the resolution of its previous issue with generative AI interfering with its market led to the bullish call.
Moreover, its recent data acquisitions have proven useful, and investor sentiment is at least partially on Salesforce’s side here. Not completely—Oliver described it as “mixed,” though a “…potential bull tailwind”—and overall, macroeconomic issues would likely be the biggest issue going forward. But then, it is worth noting that that is a tide that commonly affects all boats, especially Salesforce’s likely competitors.
RTO a Win for the Area?
Salesforce recently joined a growing number of companies with return-to-office (RTO) mandates that required formerly remote workers—generally caused by pandemic responses—to return to the physical office to work, whether they liked it or not. While that has caused concern among workers, reports noted that Salesforce’s RTO has actually meant good news…for area businesses.
From bars to coffeehouses to restaurants, full happy hour crowds are making a comeback thanks to the RTO measures. While full normalcy has not yet been achieved—and may not be given, again, those macroeconomic conditions—it is still a welcome sight for those business owners…and a definite sign of just how much impact Salesforce and its operations have on the immediate area.
Is Salesforce Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CRM stock based on 31 Buys, nine Holds and one Sell assigned in the past three months, as indicated by the graphic below. After a 39.24% rally in its share price over the past year, the average CRM price target of $312.16 per share implies 11.5% upside potential.
