Salesforce shares jumped as a lot as 15% on Wednesday, after the cloud software program vendor maker issued better-than-expected quarterly results and lifted its full-year revenue forecast.

On a day when most tech shares and the broader fairness markets had been buying and selling decrease, buyers had been optimistic about Salesforce’s skill to resist rising rates of interest, inflation, provide shortages and ongoing disruptions from Covid-19.

“Whereas there was nothing stellar within the quarter we consider that buyers had been relieved by that income was in-line and commentary was optimistic on circumstances and happy with the FY margin improve resulting in the refill within the aftermarket,” Bernstein analysts Mark Moerdler and Firoz Valliji wrote in a be aware to purchasers on Wednesday.

Nonetheless, Moerdler and Valliji, who’ve the equal of a maintain score on the inventory, trimmed their 12-month value goal to $181 from $230. The inventory traded as excessive as $184.42 on Wednesday.

The analysts mentioned the goal change was a matter of bringing the estimate “in step with a number of compression throughout software program,” as worries intensify about slowing progress in cloud computing and software program broadly.

Income for the quarter rose 24% to $7.41 billion, topping the $7.38 common analyst estimate, in accordance with Refinitiv. Salesforce lowered its income steerage for the complete 2023 fiscal yr whereas boosting its revenue view. It now sees $4.74 to $4.76 per share in adjusted earnings and $31.7 billion to $31.8 billion in income. Beforehand Salesforce had anticipated earnings of $4.62 to $4.64 per share on $32.0 billion to $32.1 billion in income.

Analysts at Evercore centered on the 18% progress in Salesforce’s longstanding Gross sales Cloud enterprise for monitoring gross sales leads. They cited feedback from Gavin Patterson, the corporate’s president, who mentioned at Davos that Salesforce has extra significance to prospects now than in prior cycles.

“We consider that this speaks to the stickiness of demand even with a extra uneven macro backdrop,” wrote the analysts, who’ve the equal of a purchase score on the inventory. They maintained their $250 value goal.

Analysts at Piper Sandler dropped their value goal on the inventory to $250 from $330, however mentioned they had been inspired to listen to Patterson say on Tuesday that the variety of offers involving 5 or extra of Salesforce’s clouds elevated 21% from a yr earlier.

“Vendor consolidation may play into CRM’s hand if enterprise circumstances tighten additional,” mentioned the Piper Sandler analysts, who’ve the equal of a purchase score on the inventory. “Final week, we spoke with a CFO that now plans to extra intently scrutinize the variety of IT suppliers with the intent to maneuver off an current service cloud to the Salesforce Gross sales and Service Clouds going ahead as a part of a plan to rationalize prices after a small layoff. Multi-cloud may assist insulate the mannequin subsequent yr.”

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