Salesforce Stock Pops on Restructuring Plan

The Dow member was a notable underperformer in 2022

Deputy Editor

Jan 4, 2023 at 10:23 AM

Salesforce Inc (NYSE:CRM) stock is enjoying a bounce today, after the blue-chip software name announced it will cut about 10% of its staff in its new restructuring plan. The shares are up 3.1% at $138.99 at last glance.

CRM was one of the worst Dow performers in 2022, though Intel (INTC) ended up securing the bottom spot. The equity is down 44.2% year-over-year, with today's positive price action helping to add distance from its Dec. 22, more than two-year low of $126.34.

Analysts are mostly bullish on Salesforce stock, with 24 of carrying a "buy" or better rating. Plus, the 12-month consensus price target of $193.80 is a 38.6% premium to current levels.

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