salesforce.com (CRM) PT Raised to $182 at Citi

Citi analyst Tyler Radke raised the price target on salesforce.com (NYSE: CRM) to $182.00 (from $164.00) while maintaining a Neutral rating.

The analyst comments "We are tactically cautious on CRM into 4Q results as our partner checks indicate further signs of slowing demand from 3Q levels, “shelfware” issues and overall front office/CRM fatigue which we think could limit upside to growth metrics in Q4 and the initial FY24 outlook. Shares have had a nice run +27% YTD on positive headlines from cost cuts and activist involvement, potentially leaving conditions ripe for a near-term pullback as margin upside may be priced in and growth metrics could disappoint. As a result we open a negative Catalyst Watch. We update our estimates reflecting above consensus operating margins but below consensus OCF and cRPO growth. We maintain our Neutral rating but raise TP to $182, we believe shares are largely fairly valued for HSD-LDD top-line growth, despite improved margin trajectory."

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