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Investing.com - Oppenheimer has reiterated an Outperform rating on Salesforce.com (NYSE:CRM) with a price target of $300.00 following the company’s fiscal third-quarter results.
The cloud software giant posted slightly better results than in recent quarters, with its artificial intelligence businesses showing robust growth. Salesforce provided enhanced financial and usage transparency for its Agentforce product, while achieving its highest quarterly margin growth and capital returns of the fiscal year.
Net new annual order value (AOV) growth outpaced total AOV growth during the quarter, which Oppenheimer views as evidence of bookings stability. These positive factors support Salesforce’s discounted multiple and management’s strategy of aggressively returning capital to shareholders.
Despite these strengths, Oppenheimer noted that Salesforce’s organic growth remains tepid due to macroeconomic sensitivity and the ongoing business transition to Agentforce. The firm characterized the quarterly update as "fine" while acknowledging Agentforce remains on track as a medium-term catalyst for reacceleration.
Oppenheimer maintained its Outperform rating primarily based on Salesforce’s current valuation, while cautioning that the slow growth outlook indicates a "less exciting near term" for the company.
In other recent news, Salesforce reported strong third-quarter results, with revenue growing 9%, or 8% in constant currency, aligning with expectations. The company also posted earnings per share of $3.25, significantly surpassing guidance. Current remaining performance obligation (cRPO) growth reached 11% in constant currency, exceeding estimates by approximately 200 basis points. Needham reiterated its Buy rating with a $400 price target, citing better-than-expected results and strong fourth-quarter guidance. Evercore ISI lowered its price target from $360 to $340 while maintaining an Outperform rating, acknowledging the solid results. Wolfe Research also adjusted its price target to $300 from $310, keeping an Outperform rating, noting a 10.6% cRPO growth in constant currency. Raymond James maintained a Strong Buy rating with a $375 price target, highlighting Agentforce traction. Stifel reiterated its Buy rating with a $300 price target, emphasizing the momentum in key metrics and the acceleration of cRPO growth.
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