Why Salesforce Shares Continue To Rise Today

Salesforce.com Inc (NYSE: CRM) is trading higher Friday after several firms maintained bullish ratings on the stock and raised price targets following the company’s Investor Day presentation.

Salesforce said it now expects its fiscal year 2022 revenue to be in a range of $26.25 billion to $26.35 billion versus the estimate of $26.31 billion. The company initiated fiscal year 2023 revenue guidance of $31.65 billion to $31.8 billion.

• Piper Sandler analyst Brent Bracelin upgraded Salesforce from Neutral to Overweight and raised the price target from $280 to $365.

• Oppenheimer analyst Brian Schwartz maintained Salesforce with an Outperform rating and raised the price target from $290 to $310.

• JMP Securities analyst Patrick Walravens maintained Salesforce with a Market Outperform rating and raised the price target from $320 to $325.

• Mizuho analyst Gregg Moskowitz maintained Salesforce with a Buy rating and raised the price target from $300 to $320.

• Morgan Stanley analyst Keith Weiss maintained Salesforce with an Overweight rating and raised the price target from $305 to $345.

• Stifel analyst Parker Lane maintained Salesforce.com with a Buy rating and raised the price target from $315 to $350.

• Loop Capital analyst Yun Kim maintained Salesforce with a Hold rating and raised the price target from $265 to $275.

• RBC Capital analyst Rishi Jaluria maintained Salesforce with an Outperform rating and raised the price target from $310 to $325.

Salesforce provides enterprise cloud computing solutions, including Sales Cloud, the company’s main customer relationship management software-as-a-service product.

The stock was up 2.18% at $283.88 at time of publication.

Photo: courtesy of Salesforce.

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