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  4. Salesforce 'Faces Another Tough Setup' - Jefferies
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Salesforce 'Faces Another Tough Setup' - Jefferies

By Sam Boughedda A Jefferies analyst lowered the firm's price target on Salesforce (NYSE:CRM) on Monday, while a Goldman Sachs analyst said they expect the company's earnings to be...
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Salesforce 'Faces Another Tough Setup' - Jefferies © Reuters. Salesforce (CRM) 'Faces Another Tough Setup' - Jefferies

By Sam Boughedda

A Jefferies analyst lowered the firm's price target on Salesforce (NYSE:CRM) on Monday, while a Goldman Sachs analyst said they expect the company's earnings to be in line with consensus and guidance.

In a note to clients, the Jefferies analyst lowered the firm's price target on CRM to $250 per share from $260, maintaining a Buy rating.

The analyst explained: "CRM faces another tough setup with our survey indicating demand softness from macro impact. Our survey was the 3rd most negative survey since we began running it in F15 (other 2 at start of pandemic). The good news is partners still expect growth to rebound in '23. Given the tough setup heading into the Q, expectations are low. Still, CRM offers attractive risk-reward trading close to trough levels at 5x '23E rev. vs. comps at 9.2x (45%+ disc)."

Meanwhile, the Goldman analyst said, "going into the print we estimate revenue CC growth of 23% and operating margin of 18%, largely in-line with consensus and guidance."

"Trading on par with the NASDAQ since its strong F1Q23 results on May 31 (CRM +4% since June 1 vs NASDAQ +6%), investors are heading into the print with leveled expectations for revenue and leading indicators. When considering Slack's cRPO contributions of 400-500bps over the last year, management's 18% CC guide seems to have factored in significant deceleration (~4-5 points) in the organic portfolio (vs avg CC growth of 19%). Considering potential sales elongation from a tougher demand environment, the bar for 3Q cRPO will likely be set in the mid-teens, with Slack fully incorporated in this metric," added the Goldman Sachs analyst.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

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Moving Avg:

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EUR/JPY

168.32

+0.10 (+0.06%)

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↑ Buy

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EUR/CHF

0.9808

+0.0001 (+0.01%)

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Sell (2)

Gold Futures

2,295.80

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Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

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Brent Oil Futures

85.62

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US Coffee C Futures

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Euro Stoxx 50

4,920.55

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S&P 500

5,035.69

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27.35

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Adidas AG

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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