Investors have sent shares of Salesforce Inc. on what could be their best monthly run since August of 2020, albeit due to moves to cut costs.
Salesforce Inc. stock could see its best monthly run since August 2020, albeit due to layoffs, a board shake-up and other moves to cut costs. But Morgan Stanley analysts on Monday said they still saw room to make operations leaner and boost profit.
Analysts at the bank raised their price target on Salesforce stock CRM to $236 from $228. They maintained their version of a buy rating on the stock. The moves, the Morgan Stanley analysts said, represent Salesforce’s first big restructuring in its 23-year history, as it puts more focus on profitability after a long stretch of focusing on growth. The analysts said the company could do more to pare back costs, and ultimately put up earnings-per-share growth of more than 20%, based on expectations for a return to growth, expanding operating margins and a return of revenue percentage gains in the low- to midteens.
“Further, involvement from ValueAct, Starboard and Elliott Management, with proven records of helping software companies to better realize inherent value, may help to bolster confidence Salesforce should continue to head in the right direction,” they continued.
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