Bernstein raised the firm’s price target on Salesforce (CRM) to $255 from $243 and keeps an Underperform rating on the shares. The firm notes Salesforce delivered very much of an in-line quarter, beating on revenue and missing consensus on margins, but FX accounted for most of the revenue beat and all the full year guide increase. The bigger story of the quarter was the announcement of the Informatica (INFA) deal, which Bernstein thinks was a reasonable acquisition at a reasonable/good price.
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