Salesforce price target lowered to $305 from $325 at BofA

BofA lowered the firm’s price target on Salesforce (CRM) to $305 from $325 and keeps a Buy rating on the shares. With sentiment and expectations low, the firm sees limited downside at the current valuation, but trims its price target due to peer multiple compression. While in line results are not likely to be a catalyst for the stock, the firm maintains its Buy rating as it believes a path to reaccelerating sub revenue and cRPO growth is “within reach,” the analyst tells investors in a Q3 preview in which it adds that recent discussions with several key partners suggest that deal activity leaned more in line with expectations during Q3.