Salesforce initiated with a Neutral at DA Davidson

DA Davidson analyst Gil Luria initiated coverage of Salesforce with a Neutral rating and $150 price target. While he believes Salesforce will "continue to grow at impressive rates for this scale," Luria believes the company’s FY26 revenue targets are not currently achievable and will need to be revisited, he tells investors. Trends in vertical software may not continue to serve as a tailwind, added the analyst, who thinks the proliferation of "No Code Low Code" may help Salesforce with its own industry products, but also may accelerate the creation of this type of third party solutions and could increasingly result in heightened competition.