Salesforce price target lowered to $184 from $192 at Wedbush
Wedbush analyst Steve Koenig lowered his price target for Salesforce to $184 from $192, while reiterating an Outperform rating on the stock. The analyst acknowledges that macroeconomic concerns, currency headwinds, and some skepticism about the Tableau acquisition have pressured the shares over the last 30 days, but he expects some relief from the upcoming Q2 results, despite additional FX headwinds. Although Salesforce's sales automation in the U.S. enterprise market is fairly saturated, Koenig's checks see "good opportunity for growth" in international markets and verticals, with the company attacking the latter opportunity by building vertical-specific sales teams across Salesforce's various cloud units. Well-placed industry contacts were relatively positive on the Tableau acquisition, seeing it as a strategic move with good revenue synergy as Salesforce makes the product much more ubiquitous, he adds.