Salesforce Faces Price Target Cuts On Guidance Cut, Shares Slide

Salesforce Inc CRM reported upbeat results for its second quarter, but lowered its annual projections.

Salesforce said it expects full-year revenue to be between $30.9 billion and $31 billion versus the estimate of $31.73 billion. The company expects full-year adjusted earnings to be between $4.71 and $4.73 per share versus the estimate of $4.75 per share.

Salesforce shares fell 6.3% to $168.66 in pre-market trading.

Several analysts made changes to their price targets on Salesforce following the release of results.

• Piper Sandler cut price target on Salesforce from $220 to $200. Piper Sandler analyst Brent Bracelin maintained the stock with an Overweight.
• Credit Suisse lowered Salesforce’s price target from $315 to $250. Credit Suisse analyst Phil Winslow maintained the stock with an Outperform rating.
• Wells Fargo reduced Salesforce price target from $235 to $220. Wells Fargo analyst Michael Turrin maintained an Overweight rating on the stock.
• Citigroup lowered price target on the stock from $189 to $179. Citigroup analyst Tyler Radke maintained Salesforce with a Neutral.
• Raymond James cut the price target on the stock from $250 to $225. However, Raymond James analyst Brian Peterson maintained Salesforce with a Strong Buy.
• Barclays lowered Salesforce’s price target from $218 to $202. However, Barclays analyst Raimo Lenschow maintained an Overweight rating on the stock.
• Mizuho reduced Salesforce’s price target from $245 to $235. Mizuho analyst Gregg Moskowitz maintained the stock with a Buy.
• Baird cut price target on Salesforce from $260 to $230. Baird analyst Rob Oliver maintained the stock with an Outperform.
• JP Morgan lowered Salesforce’s price target from $275 to $245. JP Morgan analyst Mark Murphy maintained the stock with an Overweight rating.
• UBS reduced Salesforce price target from $190 to $180. UBS analyst Karl Keirstead maintained a Neutral rating on the stock.
• Wedbush lowered price target on the stock from $225 to $215. Wedbush analyst Daniel Ives maintained Salesforce with an Outperform.
• Canaccord Genuity cut the price target on the stock from $260 to $215. However, Canaccord Genuity analyst David Hynes maintained Salesforce with a Buy.
• BMO Capital lowered Salesforce’s price target from $223 to $207. However, BMO Capital analyst Keith Bachman maintained an Outperform rating on the stock.
• Cowen & Co. reduced Salesforce’s price target from $225 to $210. Cowen & Co. analyst J. Derrick Wood maintained the stock with an Outperform.