Salesforce price target lowered to $315 from $335 at Piper Sandler

Piper Sandler lowered the firm’s price target on Salesforce (CRM) to $315 from $335 and keeps an Overweight rating on the shares. Investor sentiment on Salesforce remained bearish going into the July-ending print/guide, the firm notes. Despite strong Q2 results and better-than-feared cRPO guide of 9% in cc, Salesforce shares were marked down another -5% after hours with the Q2 beat attributed to FX and licensing tailwinds. Piper says that until it sees a clear path back to double-digit growth, the valuation multiple could continue to compress on bearish sentiment.