Salesforce price target raised to $286 from $236 at Bernstein

Bernstein analyst Mark Moerdler raised the firm’s price target on Salesforce (CRM) to $286 from $236 and keeps an Underperform rating on the shares. The firm notes Salesforce delivered a decent Q3, with 1% beats against modest consensus expectations and raised the lower end of their FY25 revenue guide. The company also continues to execute well on margin improvement, delivering stable margins sequentially and slightly raising the FY25 margin and cashflow guidance. However, Bernstein thinks that even this quarter did not prove either the bull or the bear story. The question of longer term revenue growth still remains unanswered one way or the other, the firm adds.