NEW YORK (dpa-AFX) – After strong quarterly figures and an optimistic outlook, analysts are full of praise for Salesforce. Investors ignited price fireworks on Thursday. Only after a price increase of almost 16 percent did the papers of the SAP (SAP SE) competitor run out of momentum at the highest level since August 2022.
Around three hours before the end of trading on Wall Street, they were still up around 11.5 percent at $ 186.50. They helped the Dow Jones Industrial (Dow Jones 30 Industrial) stay above the zero line and also led the market-wide S&P 500. Other growth stocks, meanwhile, had a difficult time because of the persistent interest rate concerns of investors.
For the second time this week, Goldman Sachs analyst Kash Rangan raised his price target to currently $320 and left the shares on the investment bank’s “Conviction Buy List” with the most convincing buy ideas. Rangan sees Salesforce on the verge of climbing into the top tier of top-rated technology companies. He justified the new target price with massively increased estimates for earnings and cash inflows.
JPMorgan expert Mark Murphy especially praised the increase in margins, which are almost entering “hyperspace”. He raised his price target to $230 and kept the stock with a recommendation on the company’s Analyst Focus List. Other large banks also raised their price targets well above the market level, signaling that they believe the stock still has room for improvement.
Salesforce shares cost a good $311 in November 2021 before collapsing to almost $126 by the end of 2022 without much breathing space./ag/he
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