BMO Capital lowered the firm’s price target on Salesforce (CRM) to $280 from $335 and keeps an Outperform rating on the shares. The firm believes that the quarter was solid given current valuation and expectations, with a consistent one point of upside to CRPO, while the company also raised its free cash flow guide helped by cash tax benefits from recent legislation, the analyst tells investors in a research note. BMO adds however that it will remain a slow build for Agentforce and AI to impact the top-line, particularly as core cloud growth remains subdued.
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