Salesforce (CRM) is still on track to continue its emergence as a growth-at-a-reasonable price, or GARP, stock, as the company's Q4 results and outlook show a clear path to 10% growth, BofA Securities said in a Thursday note.
The company's 11% growth in current remaining performance obligation metrics exceeded BofA's upside of 10.4% and has an outlook for 10.5% growth in Q1, a BofA analyst said.
The analyst also noted the 120% growth of the company's data cloud annual recurring revenue, with the early momentum of the AI platform Agentforce being a good leading indicator for future growth.
Salesforce is on track for an upside case of 12% to 13% in H2, the analyst said.
BofA reiterated the company's rating of buy and reduced the price objective to $400 from $440.
Price: 303.98, Change: -3.35, Percent Change: -1.09
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