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Investing.com — Salesforce.com Inc (NYSE:CRM) shares are trading 3% above Wednesday’s close after a note from Jefferies analyst Brent Thill.
According to TheFly, the analyst said in a note to clients that in his survey of Salesforce partners, they found 54% of respondents expect a stabilization in growth in 2022, with 46% expecting an acceleration.
Furthermore, 88% expect their Salesforce practices to grow in 2022.
As a result, the analyst believes expectations are low for the company ahead of its fourth-quarter earnings, despite what he describes as a “tough set up” heading into the report.
A sell-off in software stocks and demand worries has seen Salesforce shares slide significantly since Q3. However, he considers the stock to have an attractive risk-reward. As a result, the analyst kept a Buy rating and a $360 price target on the shares.
In contrast, Wells Fargo lowered their price target on Salesforce shares to $265 from $340. Nevertheless, they still have an overweight rating on the stock.
