Oppenheimer analyst Brian Schwartz raised the firm’s price target on Salesforce (CRM) to $385 from $330 and keeps an Outperform rating on the shares. The firm notes the Q3 earnings risk weighs slightly positive for Salesforce based on its research mosaic. The read-through on the Q3 hiring data and Oppenheimer’s earnings preview supports the durability of Salesforce as a good EPS growth compounder, better consistency in the Q3 report, and the outlook appears favorable for Salesforce with a Q4 IT budget flush likely to happen.
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