Citi Lowers Salesforce Target to $188 on Slowing Deals

Citi cut Salesforce price target to $188 from $200, maintaining Neutral rating amid slowing deal activity and heightened competition.
Partner checks reveal lengthening deal cycles, portfolio optimization at renewals, especially for Tableau and Marketing Cloud products.
Citi forecasts Tableau revenue decline of 2‑5% in FY2027‑28, about 10 percentage points below prior expectations.
For Q1, Citi expects ~9% organic performance‑obligation growth, with results near guidance and modest Q2 deceleration; EV/FCF ~12x FY2027.