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These Analysts Cut Their Forecasts On Salesforce After Q1 Results

Published 30/05/2024, 13:37
© Reuters. These Analysts Cut Their Forecasts On Salesforce After Q1 Results
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Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Salesforce Inc (NYSE:CRM) reported upbeat earnings for the first quarter, while sales missed estimates.

Salesforce reported first-quarter revenue of $9.13 billion, missing the consensus estimate of $9.147 billion. First-quarter revenue was up 11% on a year-over-year basis. The enterprise cloud solutions company reported quarterly adjusted earnings of $2.44 per share, beating analyst estimates of $2.38 per share, according to data from Benzinga Pro.

"We are at the beginning of a massive opportunity for our customers to connect with their customers in a whole new way with AI. As the world's #1 AI CRM, we're incredibly well positioned to help companies realize the promise of AI over the next decade," said Marc Benioff, chair and CEO of Salesforce.

The company issued weak guidance for the second quarter, expecting revenue in the range of $9.2 billion to $9.25 billion versus estimates of $9.34 billion. The company sees second-quarter adjusted earnings of $2.34 to $2.36 per share versus estimates of $2.40 per share.

Salesforce expects full-year 2025 revenue to range from $37.7 billion to $38 billion versus estimates of $37.98 billion. The company sees full-year adjusted earnings between $9.86 and $9.94 per share versus estimates of $9.76 per share.

Salesforce shares rose 0.7% to close at $271.62 on Wednesday.

These analysts made changes to their price targets on Salesforce after the company reported quarterly results.

  • Piper Sandler cut the price target on Salesforce from $300 to $250. Piper Sandler analyst Brent Bracelin maintained a Neutral rating.
  • Baird slashed Salesforce price target from $355 to $295. Baird analyst Rob Oliver maintained an Outperform rating on the stock.
  • Morgan Stanley lowered the price target on Salesforce from $350 to $320. Morgan Stanley analyst Keith Weiss maintained an Overweight rating.
Read More: Top 5 Consumer Stocks Which Could Rescue Your Portfolio This Month

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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