Salesforce price target lowered to $229 from $267 at Northland

Northland analyst Nehal Chokshi lowered the firm’s price target on Salesforce (CRM) to $229 from $267 and keeps a Market Perform rating on the shares. Salesforce recently reported fiscal Q4 cRPO of $35.1B, up 16.2% year-over-year on an as-is basis, but still below the “critical” 10-12% levels at an estimated 9% on a constant currency organic basis, after stripping out 4% revenue growth from the Informatica acquisition, the analyst tells investors in a research note. The firm, which is trimming the valuation multiple, adds that the $50B debt-funded buyback announcement is a positive.