Salesforce (NYSE:CRM) stock is a hot topic among traders on Monday after Jefferies analysts increased their price target for the sales data company’s shares.
Jefferies analysts increased their price target for CRM stock to $350 per share. That represents a potential increase of 19.5% compared to the stock’s prior closing price. In addition to that, this price target is well above the analyst consensus price prediction of $272.09 per share.
In addition to this price target increase, Jefferies analysts also reiterated a “buy” rating for the company’s stock. Investors will note that the analyst consensus rating for CRM stock is a moderate buy based on 36 opinions.
What’s Behind the Bull Stance on CRM Stock?
Here’s what Jefferies analyst Brent Thill said about Salesforce in a note to clients obtained by CNBC:
“Our CRM survey indicates a modest improvement in demand. Our checks indicate manufacturing and tech verticals are rebounding while public sector demand remains strong.”
CRM stock is up 1.7% as of Monday morning. That comes as some 1.8 million shares change hands. That’s still a far ways off from the company’s daily average trading volume of about 5.8 million shares.
Investors who want to check out even more of the most recent stock market stories will want to stick around!
We are offering up insight into all of the biggest stock market news that traders need to know about on Monday! That includes Teva Pharmaceutical (NYSE:TEVA) stock jumping on government approval, Walmart (NYSE:WMT) stock undergoing a split and Nio (NYSE:NIO) securing a new tech deal. All of that info is ready to go at the links below!
More Monday Stock Market News
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- NIO Stock Alert: Nio Nabs a Tech Deal With Forseven
On the date of publication, William White did not hold (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.
