Salesforce (NYSE:CRM) stock is in the news Thursday after Baird analysts upgraded the sales to store data company’s shares.
That upgrade has Baird analysts boosting CRM from a “neutral” rating to an “outperform” rating. It also comes alongside a price target increase from $240 per share to $300 per share. That’s a potential increase of 13.6% from yesterday’s close.
To put those in perspective, the analysts’ consensus rating and price prediction for CRM is a moderate buy based on 40 opinions and $262.36 per share.
Why the Bull Stance on CRM Stock?
The Baird analysts highlight several positives for Salesforce that explain today’s upgrade. That includes price increases, the return of front office spending, and a crisper sales execution that could help drive upside at the company.
Another statement from the Baird analysts covers the fact that they underestimated Salesforce last year. Specifically, its push to deliver on margins that resulted in a strong performance in 2023.
With today’s upgrade comes a 1.3% increase for CRM stock on Thursday morning. As of this writing, some 240,000 shares of the stock have changed hands. This is still well below its daily average trading volume of about 5.3 million shares.
Investors seeking out even more of the most recent stock market stories will want to keep reading!
We have all of the biggest stock market news that traders need to know about on Thursday! A few examples include the latest Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) layoffs news, a downgrade for shares of Lyft (NASDAQ:LYFT) stock and what’s going on with Clearmind Medicine (NASDAQ:CMND) stock today. You can read up on all of these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
