Baird analyst Rob Oliver reiterated an Outperform rating and $230.00 price target on salesforce.com (NYSE: CRM), saying with increased investor focus on FCF, we view CRM as an attractive large-cap investment.

The analyst commented, "While growth-to-FCF transition stories can take time to play out, we believe CRM's multi-year stock underperformance discounts some growth investor exodus (since 2020, CRM stock -12% vs. S&P500 +11%). In the wake of CRM's investor day, we provide "blue sky" long-term FCF framework. Our base-case ~$11.60 FCF/share for FY26E assumes revenue slightly below $50B target and 25% operating margins. Yes, it's a "show-me" story, but one where we see opportunity for growth, share gains, and strong FCF."

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Shares of salesforce.com closed at $142.57 yesterday.