(News Bulletin 247) – Wells Fargo reaffirms its ‘overweight’ recommendation on Salesforce with a price target raised from 250 to 275 dollars, the day after the quarterly publication of the CRM (customer relationship management) software publisher.
‘Salesforce reached its objective of an operating margin of 30% or more early, at 31.6% in its second quarter, and now expects 30% for the year (compared to 28% previously)’, highlights the broker.
“With enterprise value at around 20 times expected free cash flow in calendar year 2024, valuation presents a lower bar than for large-cap software peers,” he continues.
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