2024-05-31 09:39:39 ET
Summary
- Salesforce's cRPO growth is decelerating due to cautious enterprise spending and a shift in IT budget allocations towards AI computing.
- The company delivered strong financial results in Q1 FY25, with revenue growth and margin expansion driven by disciplined expense management.
- I forecast that Salesforce's revenue growth will decelerate in the coming quarters and assign a fair value of $210 per share, downgrading the stock to a 'Sell' rating.
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Salesforce Q1: cRPO Deceleration Continues; Rating Downgrade