Shares of Salesforce Inc (NYSE: CRM) were climbing in early trading on Thursday after the company reported upbeat third-quarter earnings.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
BofA Securities On Salesforce
Analyst Brad Sills maintained a Buy rating while raising the price target from $280 to $300.
Salesforce reported “very solid” third-quarter results, “with revenue and margin upside from strength in large deals (deals >$1 million + 80% y/y),” Sills wrote in a note.
“Backlog (cRPO) growth of +13% y/y cc well exceeded our +10% y/y with balanced strength across the core Sales and Service Clouds and continued improvement in Mulesoft and Tableau,” the analyst stated.
The company’s fourth-quarter backlog growth was “nicely above our 10% estimate, backed by healthy pipeline,” he added.
Stifel On Salesforce
Analyst Parker Lane reiterated a Buy rating while lifting the price target from $275 to $300.
“Upmarket stabilization and the company’s Data segment led to solid top-line results for CRM, while margin improvements continue to play out,” Lane wrote in a note.
“Salesforce seems to be navigating well through the tougher macro, particularly upmarket, as the company called out an impressive 80% y/y growth in deals over $1 million,” he added.
“We see a strong opportunity for continued Data Cloud, Mulesoft, and Einstein adoption as we expect enterprises to continue to adopt AI while MM and SMB customers remain in the evaluation stage of AI,” the analyst further stated.
Goldman Sachs On Salesforce
Analyst Kash Rangan reaffirmed a Buy rating while raising the price target from $340 to $345.
Salesforce reported strong third-quarter results, accelerating subscription revenue growth to 13% year-on-year, “cRPO +14% yoy and non-GAAP OM of 31.2%,” Rangan said. “Q3 validated our view that CRM can straddle OM expansion and re-acceleration,” he added.
“Despite fears of high-single-digit growth, 4Q guide of 10% growth looks conservative in the context of strong renewals and a large customer win,” the analyst further wrote.
Needham On Salesforce
Analyst Scott Berg maintained a Buy rating while lifting the price target from $250 to $275.
Salesforce reported its quarterly results ahead…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
