Shares of Salesforce Inc. rallied 1.6% in afternoon trading Thursday, to bounce off the previous session's 2 1/2-year closing low, as investors cheered what the customer relationship management software company didn't say at its investor day as much as what it did say. The stock's rally comes amid weakness in the broader stock market, with the Dow Jones Industrial Average falling 82 points, or 0.3%, and the S&P 500 shedding 0.7%. At Wednesday's investor day, Salesforce reiterated the fiscal 2023 revenue outlook of about $31 billion, after the company cut the outlook in May to $31.7 billion to $31.8 billion from $32.0 billion to $32.1 billion in March, and lowered it again in August to $30.9 billion to $31.0 billion. J.P. Morgan analyst Mark Murphy reiterated his overweight rating on Salesforce and his $245 stock price target, citing the affirmed 2023 guidance, and the fact that the company affirmed the 2026 sales glidepath of $50 billion. Salesforce's stock. which closed Wednesday at the lowest price since April 2020, has plunged 41.0% year to date, while the Dow has lost 17.2%.
(END) Dow Jones Newswires
09-22-22 1310ETCopyright (c) 2022 Dow Jones & Company, Inc.