Salesforce (CRM) raised its fiscal 2026 outlook for earnings per share and free cash flow, while its ex-Informatica organic revenue outlook reflected steady growth, suggesting "moderating" organic growth into fiscal Q4, RBC Capital Markets said in a note Thursday.

"Although [fiscal Q3] results exceeded expectations, we see limited catalysts for multiple expansion given stable growth and margin trajectory," analysts said.

Management raised its earnings per share estimate to $11.75 to $11.77 and free cash flow growth outlook to a range of 13% to 14%, while holding its margin guidance steady at 34.1%, signaling limited incremental leverage near term, according to the note.

Noting the company's fiscal Q3 performance, RBC said that Salesforce's revenue was aided by continued strength in the Platform segment and stable enterprise renewals across Sales and Service.

RBC maintained its sector perform rating on the stock, with a $250 price target.

Shares of Salesforce were up more than 2% in recent trading Thursday.

Price: 244.37, Change: +5.65, Percent Change: +2.37