Salesforce Inc.‘s (NYSE:CRM) Friday pullback, and subsequent rally, follows a natural profit-taking routine and sector consolidation after the stock registered a 22.5% surge on Thursday. Nasdaq futures are down 0.08% while S&P 500 futures have gained 0.14%.
Analyst Target Price Adjustments
Following the previous day’s gains, Wall Street firms updated their price forecast on Thursday. Citigroup maintained a Neutral rating and raised its price target to $233. JPMorgan kept an Overweight rating and raised its forecast to $265, while Mizuho kept an Outperform rating and raised its forecast to $265.
Quarterly Earnings Exceed Expectations
Salesforce posted its fiscal second-quarter results on Thursday, recording an 11% year-over-year revenue increase to $11.35 billion, topping analyst forecasts of $11.32 billion. Adjusted earnings per share reached $5.90, exceeding consensus estimates of $3.27.
