May the Salesforce be with Investors: Conference Upbeat
An upbeat investor conference can be an efficient way to drive up bullish sentiment for a particular company. Salesforce, Inc. (CRM) held its annual Dreamforce conference last week, where it announced several Read More... The post May the Salesforce be with Investors: Conference Upbeat appeared first on TipRanks Financial Blog.
An upbeat investor conference can be an efficient way to drive up bullish sentiment for a particular company. Salesforce, Inc. (CRM) held its annual Dreamforce conference last week, where it announced several rousing updates and forecasts for its rapidly expanding empire. A significant focus for the firm’s management was its full takeover of an enterprise communication software company, Slack. (See Salesforce stock charts on TipRanks)
Reporting bullishly on the event and the company’s outlook is Monness analyst Brian White, who wrote that he believes “salesforce is uniquely positioned to capitalize on accelerated digital transformation efforts with a platform that is stronger, more relevant than ever, while benefitting from a new model and global economic recovery."
White reiterated a Buy rating on the stock, and raised his price target to $328 from $300. From current levels, this new target represents a possible 12-month upside of 14.83%. It is important to note that since the enthusiastic conference, Salesforce shares have risen about 10% as investors pour in.
The COVID-19 pandemic accelerated business trends toward cloud-computing and its need for enterprise-level solutions, and Salesforce has been successfully maintaining its dominant standing as a leader in the SaaS industry. White elaborated that the company has been more “disciplined” with its spending, and as a result is increasing operating margins.
Furthermore, White commented that Salesforce has equipped an “army” to sell Slack and its new integrations to businesses. The cloud-based solutions company presented an entire suite of new tools and platforms that utilize Slack’s unique software, including initiatives for marketing, customer service, and analytics. CRM hinted at even more features to come in the future, providing investors with confidence in the company’s potential for growth.
The five-star analyst expects Slack to provide “incremental financial flexibility” for Salesforce, and for the stocks valuation to be driven “higher than historical averages.”
On TipRanks, CRM has an analyst rating consensus of Strong Buy, based on 31 Buy and 6 Hold ratings. The average Salesforce price target is $317.34, denoting a possible 12-month upside of 11.10%. CRM closed trading Friday at a price of $285.63 per share.
Disclosure: At the time of publication, Brock Ladenheim did have a position in any of the securities mentioned in this article.
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The post May the Salesforce be with Investors: Conference Upbeat appeared first on TipRanks Financial Blog.