Analysts slashed their price targets on Salesforce.com Inc (NYSE: CRM) ahead of its quarterly results.
Cowen analyst J. Derrick Wood lowered the price target to $285 from $325 (36 percent upside) and kept an Outperform.
The analyst previewed its upcoming results. While his reads on Government and MULE are more mixed, he still expects a solid beat and raise and is encouraged that 91 percent of their partners see 2023 pipeline growth.
BMO Capital analyst Keith Bachman lowered the price target to $240 from $335 (14 percent upside) amid compression in software multiples but kept an Outperform.
The company can sustain double-digit growth, with upselling and new solution offerings contributing to growth.