Salesforce (CRM) Q2 is likely faced with "softening" business trends with limited near-term catalysts, Oppenheimer said in a preview note Tuesday. Its fiscal Q2 results are due on Sept. 3.
The report said its research mosaic, including competitor checks and company-specific data, for the quarter softened for business activity, pipeline momentum, and cycle duration.
"However, the earnings setup looks achievable in F2Q with low expectations, a low estimates bar, and good Agentforce and Data Cloud adoption trends," the note said.
"The macroeconomic factors and AI-related market uncertainty are complicating enterprise road maps and limiting large-scale digital transformation projects with Salesforce," the note added.
The report also said the Q2 earnings update may not catalyze new opinions, with AI messaging and estimates unlikely to materially change post results.
Oppenheimer cut its price target to $315 on group multiple compression while keeping its outperform rating on the stock.
Price: 246.66, Change: -1.22, Percent Change: -0.49
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