Salesforce price target lowered to $230 from $300 at DA Davidson

DA Davidson lowered the firm’s price target on Salesforce to $230 from $300 and keeps a Neutral rating on the shares. The company’s Q1 results were softer than expected as its booking momentum stalled and with macro headwinds persisting, the analyst tells investors in a research note. The firm adds however that the management continues to drive incremental efficiency gains and generate significant levels of free cash flow, also noting that Salesforce has reiterated its FY25 estimates given “favorable demand and pricing trends”.