Needham Analyst Scott Berg said: Salesforce Japan Customer Relationship Management Ahead of the release of second quarter financial results on August 28, 2024.
Analysts wrote that they expect Salesforce’s second-quarter results to be limited due to continued macroeconomic pressures on spending following a weak first quarter.
Analysts remain cautious as they point to softening demand across most cloud segments, including previously strong service cloud.
Berg expects Salesforce’s Data Cloud will be a focal point of the discussion, especially as it has seen traction in deals over $1 million, with 25% including Data Cloud in the first quarter.
As AI adoption gains interest, Data Cloud could maintain momentum and provide a further boost to earnings in the second half of the year, the analyst added.
The analyst maintained a buy rating on the stock and set a price target of $345.
Salesforce shares have risen more than 25% over the past 12 months. Investors can get into the stock in the following ways: iShares Extended Technology Software Sector ETF IGV and REX FANG & Innovation Equity Premium Income ETF FEPI.
Price Trends: CRM shares were up 0.67% at $265.78 as of last check on Monday.
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