Salesforce soars on upbeat forecast, buyback plan and PT hikes
02/03/2023 15:09
** Shares of cloud-based software provider Salesforce Inc CRM.N jump 13.5%
to $189.88
** Co on Wednesday forecast Q1 revenue above analysts' estimates and doubled
its share repurchase to $20 bln
** At least 21 analysts hike their price target on the stock with RBC's
being the biggest, after the company delivered stellar results and forecast
** RBC Capital Markets says the quarter provided nearly everything investors
could hope for during a period of time when the company is under pressure to do
so from the five major activists involved in the name
** Brokerage believes CRM is headed in the right direction as margins and
growth resilience stand out; raises PT to $225 from $165
** CRM projected annual profit between $7.12 per share and $7.14 per share
on an adjusted basis, well above the $5.84 analysts had forecast, according to
Refinitiv data
** Co forecast Q1 revenue between $8.16 bln and $8.18 bln, compared with
analysts' average estimate of $8.06 bln
** Through last close, CRM stock up ~26% this year after falling ~48% in
2022
(Reporting by Samrhitha Arunasalam in Bengaluru)
((Samrhitha.A@thomsonreuters.com))