CLSA's Hold initiation with a below-consensus PT is a contrarian signal from an average-accuracy firm. Traders should weigh the bullish consensus and upward EPS revisions against the high short interest and CLSA's cautious view — the call alone does not warrant a position change without further confirmation.
Price Chart
Executive Summary
CLSA initiated coverage on Salesforce (CRM) at Hold with a $165 price target, implying 3.4% downside from the current $170.77. The firm has a 50% accuracy rate on 16 calls and an average return of 17.7%, placing it in the middle of the pack. Consensus remains heavily bullish — 44 of 58 analysts rate it Buy or Strong Buy, with a mean target of $245.16, 43.6% above current levels. CLSA's $165 target is near the low end of the $160–$475 range and well below the median of $238.03. Recent analyst activity shows 2 upgrades and 1 downgrade in the past 30 days, while EPS revisions have been predominantly upward (44 up, 0 down for the current fiscal year). Institutional flows are mixed: Morgan Stanley added 66.6% to its position, but several other firms trimmed. Short interest stands at a high 63.2% of float, suggesting elevated bearish positioning. The bottom line: CLSA's cautious initiation is a contrarian call against a bullish consensus, but the firm's average accuracy tempers its significance.
Impact Score
Consensus & Targets
Of 58 analysts covering CRM, 44 rate it Buy or Strong Buy (76%), 12 rate it Hold (21%), and 2 rate it Sell or Strong Sell (3%). The consensus is strongly bullish, with the majority expecting further upside.
The mean price target is $245.16, median $238.03, high $475, and low $160. At $170.77, CRM trades 30.4% below the mean target. CLSA's $165 target is near the low end, 32.7% below the mean and 30.7% below the median.
Recent Analyst Activity
| Date | Firm | Action | Rating | Price Target |
|---|---|---|---|---|
| 2026-07-20 | CLSA | initiate | Hold | $165.00 |
| 2026-07-14 | Evercore ISI Group | maintain | Outperform | $250.00 |
| 2026-07-09 | Keybanc | downgrade | Sector Weight | — |
| 2026-07-01 | Guggenheim | upgrade | Buy | $228.00 |
| 2026-06-16 | Needham | reiterate | Buy | $400.00 |
| 2026-06-16 | Canaccord Genuity | maintain | Buy | $225.00 |
| 2026-05-28 | Citigroup | maintain | Neutral | $187.00 |
| 2026-05-28 | Canaccord Genuity | maintain | Buy | $225.00 |
| 2026-05-28 | Bernstein | maintain | Underperform | — |
| 2026-05-28 | TD Cowen | maintain | Buy | $240.00 |
In the past 30 days, there have been 2 upgrades and 1 downgrade. EPS revisions are positive: 44 upward revisions and 0 downward for the current fiscal year, and 36 up vs 6 down for the next fiscal year. Estimates are being revised higher overall.
Firm Track Record — CLSA
CLSA accuracy: 50% on 16 calls | avg return: 17.7%
Industry benchmark: mean 51% ± 11%. Top tier: ≥61% (mean + 1σ). Based on 15 firms with ≥5 scored calls.
| Firm | Accuracy | Calls | Avg Return | vs Average |
|---|---|---|---|---|
| Raymond James | 100% | 2/2 | 22.4% | top tier |
| Deutsche Bank | 67% | 2/3 | -1.4% | top tier |
| Evercore ISI Group | 67% | 2/3 | 8% | top tier |
| Stifel | 63% | 5/8 | 4.1% | top tier |
| Guggenheim | 60% | 3/5 | -13.1% | above average |
| JP Morgan | 60% | 3/5 | 4.5% | above average |
| Baird | 50% | 3/6 | -0.5% | below average |
| TD Cowen | 50% | 2/4 | 3.4% | below average |
| DA Davidson | 50% | 6/12 | -1.8% | below average |
| Bernstein | 50% | 2/4 | 10.6% | below average |
CLSA has a 50% accuracy rate on 16 calls with an average return of 17.7%, placing it in the middle of firms covering CRM. Top-tier firms include Raymond James (100% on 2 calls, avg return 22.4%) and Deutsche Bank (67% on 3 calls, avg return -1.4%). CLSA's accuracy is below the best performers but in line with several peers like Baird and TD Cowen.
Earnings Estimates
| Period | EPS Est. | EPS Range | Revenue | Revisions (7d) |
|---|---|---|---|---|
| 0q | $3.27 | $3.18 — $3.47 | $11.3B | ↑23 ↓0 |
| +1y | $15.53 | $14.25 — $17.47 | $50.5B | ↑36 ↓0 |
| +1q | $3.36 | $3.00 — $3.98 | $11.4B | ↑13 ↓0 |
| 0y | $14.13 | $13.22 — $15.28 | $46.1B | ↑44 ↓0 |
Cross-Platform Signals
No insider trades were reported. A single congressional buy (Rep. Salazar, $15k–$50k) is a minor bullish signal. Institutional activity is mixed: Morgan Stanley added 66.6% ($5.9B position), while several advisors trimmed. Short interest is elevated at 63.2% of float, indicating heavy bearish positioning that diverges from the bullish analyst consensus. CLSA's bearish initiation aligns with the short interest but opposes the institutional buying from Morgan Stanley.
Investment Themes
Documents Analyzed
Report based on filing metadata.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 16, 2026 6w ago | Institutional Cluster | $190.97 $259.43 | ▲ +35.85% | ▲ +37.37% | $236.69 (+23.94%) |
Jul 21, 2026 10w ago | ANALYST-DOWNGRADE | $170.06 $196.00 | ▼ −15.25% | ▼ −12.69% | $236.69 (−39.18%) |
Jul 20, 2026 10w ago | ANALYST-UPGRADE | $173.79 $190.98 | ▼ −9.89% | ▼ −5.77% | $236.69 (−36.19%) |
Jul 1, 2026 13w ago | ANALYST-UPGRADE | $163.23 $188.38 | ▲ +15.41% | ▲ +17.59% | $236.69 (+45.00%) |
Jun 25, 2026 14w ago | Institutional Cluster | $150.19 $156.93 | ▼ −4.49% | ▼ −3.96% | $236.69 (−57.59%) |
Jun 1, 2026 17w ago | 8-K | $200.85 $163.23 | ▼ −18.73% | ▼ −16.91% | $236.69 (+17.85%) |
May 27, 2026 18w ago | 8-K | $176.17 $158.37 | ▼ −10.10% | ▼ −6.96% | $236.69 (+34.35%) |
Apr 16, 2026 24w ago | DEFA14A | $181.95 $167.58 | ▼ −7.90% | ▼ −13.27% | $236.69 (+30.09%) |
Apr 8, 2026 25w ago | Court Ruling | $176.26 $181.07 | ▲ +2.73% | ▼ −5.82% | $236.69 (+34.29%) |
Apr 2, 2026 26w ago | Court Ruling | $186.90 $183.59 | ▼ −1.77% | ▼ −11.65% | $236.69 (+26.64%) |
US Market Status
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