Truist lowered the firm’s price target on Salesforce (CRM) to $380 from $400 but keeps a Buy rating on the shares. The company’s solid Q3 and second half net-new AOV growth exceeding AOV growth drives increased confidence in improving double-digit organic subscription and support revenue growth over next 12-18 months, the analyst tells investors in a research note. Truist adds however that its reduced price target reflects sector-wide lower assumed valuations.
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