{"id":55350,"date":"2023-08-31T13:19:50","date_gmt":"2023-08-31T17:19:50","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/salesforce-stock-tops-apple-as-dows-top-performer-earnings-wont-change-that\/"},"modified":"2023-08-31T13:19:53","modified_gmt":"2023-08-31T17:19:53","slug":"salesforce-stock-tops-apple-as-dows-top-performer-earnings-wont-change-that","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55350","title":{"rendered":"Salesforce Stock Tops Apple as Dow&#8217;s Top Performer. Earnings Won&#8217;t Change That."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000733142\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Salesforce is the best-performing stock in the<br \/>\n        Dow Jones Industrial Average<br \/>\n       this year and it is getting up another leg up following its latest earnings report. <\/p>\n<p>\n        Salesforce<br \/>\n       (ticker: CRM) shares were up 4.8% in early trading at $225.36 on Thursday after its quarterly earnings topped estimates. The move extended its lead as the top performing stock in the Dow in 2023. The shares are now up 70% this year, outshining<br \/>\n        Apple<br \/>\n       (AAPL) and<br \/>\n        Microsoft<br \/>\n       (MSFT) in the Dow, which are up 45% and 37% as of early Thursday trading.\u00a0<\/p>\n<div class=\"paywall\">\n<p>However, the stock still languishes well below its highs of more than $300 in 2021 and analysts are split on whether it\u2019s on a path to regain those levels under CEO Marc Benioff\u2019s strategy of raising prices and investing in artificial intelligence.\u00a0\u00a0<\/p>\n<p>Salesforce\u2019s figures and outlook should boost confidence in the<em>\u00a0<\/em>overall IT spending environment<em>, <\/em>according to Wedbush\u2019s Daniel Ives. He raised his target price on the stock to $255 from $240 and kept an Outperform rating on the shares. <\/p>\n<p>\u201cWe believe this quarter was a continued testament to Salesforce\u2019s resilience in this backdrop\u2026 crushing the margin and expense profile story, continuing new investments in the shift to AI, and providing an impressive raised guidance to the year,\u201d Ives wrote. <\/p>\n<p>Salesforce is aggressively embracing the AI trend, having embedded the technology into its flagship customer-relationship-management software, messaging app Slack, and other tools.\u00a0However, it doesn\u2019t expect any material contribution from AI in its current fiscal year.<\/p>\n<p>D.A. Davidson\u2019s Gil Luria noted that Salesforce\u2019s revenue growth continues to hover closer to historic lows of 10% to 11%. He kept a Neutral rating on the stock and a price target of $200.<\/p>\n<p>\u201cWe remain skeptical of Salesforce\u2019s ability (as well as other application vendors) to monetize on its AI investments. For us, the key question remains whether or not Salesforce can remain a double-digit grower,\u201d wrote John DiFucci at Guggenheim Securities.<\/p>\n<p>Guggenheim kept a Neutral rating on the stock.\u00a0<\/p>\n<p>Even more bullish commentators have questions over the time frame that AI benefits will flow through to Salesforce\u2019s bottom line. <\/p>\n<p>\u201cGenerative AI largely remains a wait-and-see story for Salesforce and the per-user functionality seems unlikely to be a needle-mover anytime soon as customers are only in the very early stages of testing\/experimenting,\u201d wrote Rishi Jaluria at RBC Capital Markets. <\/p>\n<p>However, Jaluria kept an Outperform rating and $240 target price on the stock. He noted Salesforce\u2019s operating margins reached 30% three quarters ahead of schedule and its guidance should relieve concerns about growth dropping to low single-digit percentages.<\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/salesforce-stock-earnings-apple-microsoft-f9c89fe3?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Salesforce is the best-performing stock in the Dow Jones Industrial Average this year and it is getting up another leg up following its latest earnings report. Salesforce (ticker: CRM) shares were up 4.8% in early trading at $225.36 on Thursday after its quarterly earnings topped estimates. The move extended its lead as the top performing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55350","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Salesforce Stock Tops Apple as Dow&#039;s Top Performer. 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