Salesforce a “Great Long-Term Buy” Says Jefferies
2022.04.25 17:57
By Sam Boughedda
Investing.com — Salesforce.com Inc (NYSE:CRM) stock is now up 1.35%, despite an earlier dip after Jefferies analyst Brent Thill lowered the price target on the company’s shares to $330 from $360, keeping a Buy rating.
The analyst said he acknowledges tough near-term comparisons but labeled the stock a “great long-term buy.”
“Salesforce has a large runway for growth that should support high teens top line growth to $52 billion by fiscal 2026 in line with consensus,” wrote Thill.
He added that the company has a portfolio of products that are the market leaders in their respective spaces, holding the number one or two positions in the markets they compete in.
“Thus, we believe Salesforce is well positioned to grow above the overall growth of the market and continue taking share,” Thill stated.
The analyst lowered the price target based on a “software valuation downdraft.”
