| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Needham analyst Scott Berg expressed views on Salesforce, Inc. (NYSE:CRM) ahead of its second quarter results release on August 28, 2024.
The analyst writes that following a weak first quarter, they expect Salesforce to report limited upside in the second quarter due to ongoing macroeconomic pressures on spending.
The analyst remains cautious as demand softness is noted across most cloud segments, including Service Cloud, which had previously been a strong performer.
Berg expects Salesforce’s Data Cloud to be a focal point in the discussions, especially given its traction in $1 million+ deals, with 25% including Data Cloud in the first quarter.
As AI adoption drives interest, Data Cloud could continue its momentum, potentially providing an incremental boost to results in the second half, adds the analyst.
The analyst maintained a Buy rating on the stock, with a price target of $345.
Salesforce stock gained over 25% in the last 12 months. Investors can gain exposure to the stock via iShares Expanded Tech-Software Sector ETF (BATS:IGV) and REX FANG & Innovation Equity Premium Income ETF (NASDAQ:FEPI).
Price Action: CRM shares are up 0.67% at $265.78 at the last check Monday.
Photo via Shutterstock
Read Next:
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
