salesforce.com (CRM) PT Lowered to $300 at Mizuho

Mizuho analyst Gregg Moskowitz lowered the price target on salesforce.com (NYSE: CRM) to $300.00 (from $345.00) while maintaining a Buy rating.

The analyst commented: "In our earnings preview we had noted mixed checks for CRM, but we certainly weren't expecting an outright miss. F1Q constant currency cRPO growth of 10% Y/Y was slightly below mgmt's guidance of 11% Y/Y. Furthermore, mgmt slightly lowered FY25E subscription/support revenue guidance. Encouragingly, though, mgmt cited continued strong demand for its Data Cloud (AI).

Notwithstanding a poor F1Q performance and ongoing macro challenges, we believe CRM remains well situated to help its vast customer base manage revenue and process optimization via digital transformation, and that CRM is in the midst of a new chapter dictated by profitable growth above all else. We reiterate our Buy but lower our PT to $300 from $345."

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