Jefferies: Maintain Salesforce (NYSE:CRM) with a buy rating and a $230 price target

After Salesforce (NYSE:CRM) announced its restructuring plan, including cutting about 10 percent of its workforce, Jefferies analyst Brent Thill said he saw the plan as “a step in the right direction” that would lead to higher medium-term profit margins. He added that management is expected to provide more information on the impact of the macro environment when it provides initial guidance for fiscal 2024 next quarter. The analyst believes that Wall Street’s 10.5% growth forecast for its fiscal 2024 is still too high, but buyers’ expectations have been diluted. He forecasts a top-line compound growth rate of 15% to $46 billion through fiscal 2026, maintaining a buy rating and $230 price target on the stock.

Scroll to Top